adrian corr partner miller-simons-o'sullivan · miller-simons-o'sullivan regent house...

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F&I Reinsurance and Product Conference by

Greg Petrowski, CPA, ACISenior Vice President

GPW and Associates, Inc.

Adrian CorrPartner

Miller-Simons-O'Sullivan

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Changes in the TCI

The Beaches & Weather

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Changes in the TCI

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Changes in the TCI

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Source – PORC Annual Industry Meeting – July 26, 2019 7

Changes in the TCI

Revised Annual Compliance Statement

• Effective 1st April 2019: to be filed on or before 31st October

Exemption: PORCs that filed their 2018 statements by 31st March 2019

• Accompanied by annual financial statements for the reporting year

Balance sheet and Income statement

Must identify: Gross Premiums, Total Income, Claims Paid, Premiums Receivable, Premiums Payable and Insurance Liabilities

• Can be submitted electronic: porc_compliance@tcifsc.tc

• File saving format: Name of PORC. Name of agent. Applicable year.

• If signed by person with of Power of Attorney (PA), submit evidence a PA

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Changes in the TCI Revised Annual Compliance Statement

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Changes in the TCI

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Economic SubstanceTCI Substance Requirements

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Economic SubstanceTCI Substance Requirements

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Economic SubstanceTCI Substance Requirements – PORC’s

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Polling Question

Does Economic Substance spell trouble for PORCs?

1. Yes

2. No

3. Maybe

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Greg Petrowski, CPA, ACI Senior Vice President

GPW and Associates, Inc.3101 N. Central Ave., Suite 400

Phoenix, AZ 85012602.200.6900

gpetrowski@gpwa.comwww.gpwa.com

Adrian CorrPartner

Miller-Simons-O'SullivanRegent House West

Regent Village, Grace BayProvidenciales

Turks & Caicos Islands649.946.4650

mslaw@tciway.tcwww.mslaw.tc

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