adrian corr partner miller-simons-o'sullivan · miller-simons-o'sullivan regent house...
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© GPW AND ASSOCIATES, INC© GPW AND ASSOCIATES, INC.
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: [email protected]
• 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
© GPW AND ASSOCIATES, INC© GPW AND ASSOCIATES, INC.
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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
Adrian CorrPartner
Miller-Simons-O'SullivanRegent House West
Regent Village, Grace BayProvidenciales
Turks & Caicos Islands649.946.4650
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