Caribbean News Now!

About Us Contact Us


Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.


Submit news and opinion for publication


Click here to receive our daily regional news headlines by email.


Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin

News from the Caribbean:

Back To Today's News

First 'protected cell companies' formed in Turks and Caicos
Published on January 25, 2014 Email To Friend    Print Version

PROVIDENCIALES, Turks and Caicos Islands -- The Financial Services Commission in the Turks and Caicos Islands (TCI) has announced the successful formation of two protected cell companies (PCCs). This is the first time since the Protected Cell Companies Ordinance (PCCO) came into effect on November 1, 2006, that PCCs have been formed and registered in the TCI.

By definition, protected cell companies are limited liability companies structured in such a way that the company is separated into legally distinct portions or cells. The revenue streams, assets and liabilities of each cell are kept separate from all other cells. Each cell has its own separate portion of the PCC's overall share capital, allowing shareholders to maintain sole ownership of an entire cell while owning only a small proportion of the PCC as a whole. A protected cell company is seen legally as a single entity but differs from an ordinary company as it allows greater protection of assets.

In the TCI, Section 7 of the PCCO limits the use of PPCs to insurance business. The ordinance gives the governor the power to extend the type of business PCCs may be able to engage in; however, such change would require adoption of regulations and/or an amendment of its related ordinance.

Noting that the use of protected cell companies has been a significant development in the world of finance for many years, FSC managing director Kevin Higgins said: “It is encouraging to see that the Turks and Caicos continues to be a competitive choice for establishing a wide variety of international insurance entities.”

He further commented: “The TCI regulatory regime continues to support and facilitate the development of the financial services industry and the willingness of these two newly formed protected cell companies to operate from our jurisdiction is for the Commission a clear indicator of growth in the sector.”

The structure of cell companies has been hugely successful as an alternative vehicle for financial services solutions worldwide. The Cayman Islands, Bermuda, Isle of Man, Guernsey, Jersey, Anguilla, Barbados, and Malta boast a large number of PCCs registered in their jurisdiction.
Reads: 2289

Click here to receive daily news headlines from Caribbean News Now!



No comments on this topic yet. Be the first one to submit a comment.


Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Enter Code

Please note that, if you are using an AT&T domain email address, e.g.,,, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T

User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.

The Caribbean Writer 2014

Other Headlines:

Regional Sports: