Money Matters BVI Launches Publication on BVI Insurance Consumer Rights

MONEY MATTERS BVI LAUNCHES PUBLICATION ON 
BVI INSURANCE CONSUMER RIGHTS

Road Town, Tortola – 31 May 2023 - MONEY MATTERS BVI (MMBVI), the financial literacy education programme at the BVI Financial Services Commission (‘the Commission’), launches a new publication titled – BVI Insurance Consumer Rights.

With its basis in the Insurance Act, 2008, the Regulatory (Insurance Code of Conduct) Code, 2021 and the Financial Services Commission Act, 2001, MMBVI today launched the BVI Insurance Consumer Rights brochure (‘the brochure’). The brochure will serve as a guide to help residents seeking insurance and those who have already subscribed to better understand their rights and responsibilities as consumers of insurance products.

The brochure is MMBVI’s newest publication in keeping with its mission to develop and implement initiatives that motivate residents to achieve enhanced levels of financial literacy, which then contributes to the making of sound decisions, in this instance, regarding insurance. The brochure seeks to raise awareness of the provisions made in BVI legislation to protect insurance consumers.

The rights addressed in the brochure are:

• Right to Fair and Equitable Treatment
• Right to Disclosures and Transparency
• Right to Privacy and Confidentiality 
• Right to Make a Claim
• Right to Redress of Complaints

Chief Executive Officer and Managing Director of the Commission – Mr Kenneth Baker, commented, “The launching of this brochure is timely as the Territory approaches the start of the 2023 Atlantic hurricane season on 1 June 2023.  As the regulatory and supervisory authority for insurance in the BVI, the Commission is required to promote a safe financial services environment in the Territory and to inform the public on matters relating to financial services business.” Mr Baker added he “hoped that the brochure, along with the guidance contained in the substantive legislation – Insurance Act, Insurance Regulations, and Regulatory (Insurance Code of Conduct) Code – would become a valuable reference point for insurance consumers in the Territory”.

The brochure will be widely circulated in print and electronic form. To download a copy of the brochure, residents may visit www.moneymattersbvi.org or click here. For hard copies of the brochure and questions related to the brochure’s contents, please email MONEY MATTERS BVI at finlit@bvifsc.vg or call 852-4777.

About Us

The BVI Financial Services Commission is the autonomous regulatory agency responsible for the regulation and supervision of financial services conducted in and from within the territory. 

For further information, please contact:

External Relations
BVI Financial Services Commission
18 Pasea Estate Road, Tortola VG1110
British Virgin Islands
Tel: (284) 494-4190
Fax: (284) 494-5016 
Email: corpcomm@bvifsc.vg