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What is the dIfC doing to position dubai as the captive domicile
of choice?
Since its inception in 2004, the dIFC has looked to position itself as the leading captive
domicile in the region. The dIFC offers a host of financial incentives for captives and captive
managers. no taxes are imposed on insurance premiums, or on the profits of captive insurers
whose parent company’s premium payments are transferred to the captive, and the captive’s
profits can be fully retained or repatriated.
“The dfSA has introduced
The dIFC is a dollar-denominated jurisdiction that is underpinned by a common law
specific legislation relating
legal framework administered by the dIFC courts, an independent judicial system that deals
to captives, which includes
with matters arising from and within the dIFC. In addition to this, we also have the dIFC
Arbitration Centre, which is a world-class centre for alternative dispute resolution.
provisions for the establishment
The geographic location of the dIFC makes the administration and management of
of protected cell companies.
captives easy, due to its time zone and accessibility. Furthermore, by locating within the
Being the only domicile in the
dIFC, captives have immediate access to the cluster of service providers necessary for them
region to allow such structures,
to operate efficiently—captive managers, auditors and legal firms. The increasing reinsurance
capacity within the dIFC is well positioned to support the development of the dIFC as a
we feel that this provides an
captive domicile.
additional competitive edge
All of this creates a stable foundation for the dIFC to develop into a leading captive domicile.
over our closest rivals.”
Our captive business development team is working closely with existing captive managers to
make this a reality and is proactively meeting with prospective companies to promote the
benefits that the dIFC can provide as a captive domicile.
What specific regulations have you developed to support the
growth of the sector?
At the heart of the dIFC concept is an independent regulator, the dubai Financial
Services Authority (dFSA), which grants licences and regulates the activities of financial
institutions in the dIFC. Staffed by professionals with experience of working at leading
regulatory agencies around the world, the dFSA has set uncompromisingly high standards
in creating a regulatory and legal framework built on global best practices. The dFSA has
been created using principle-based primary legislation modelled closely on that used in
london and new york.
The dFSA has introduced specific legislation relating to captives, which includes provisions
for the establishment of protected cell companies. being the only domicile in the region to
allow such structures, we feel that this provides an additional competitive edge over our closest
rivals.
Geographically, where are you looking to attract the most
business from?
In terms of captive business, we have spoken with companies both from within the gulf
Cooperation Council (gCC) region and outside—as near as the United Arab Emirates (UAE)
and as far away as Australasia. We attended a conference last november in Japan and received
a great deal of interest from a number of organisations that were either interested in setting
up a new captive here or redomiciling their existing captive to the dIFC. given that we are
40 | INTELLIGENT INSURER | September 2009
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