EMEA Captive domicile round-up
COUNTRY NAME OF REGULATORY CONTACT
Gibraltar
Michael Oliver, Head of Insurance Supervision, Financial Services Commission
NAME OF CAPTIVE LEGISLATION
Financial Services (Insurance Companies) Act 1987.
YEAR LEGISLATION PASSED
1987 RECENT AMENDMENTS
DO YOU ALLOW CELLS
Most recently amended 15 January 2010. This legislation is constantly under review to meet the requirements of European directives.
Protected cell companies operate under their own specific legislation, the Protected Cell Company Act 2001. During the year we approved 4
protected cells of licensed PCC’s.
Guernsey
Insurance Division, Guernsey Financial Services Commission
The Insurance Business (Bailiwick of Guernsey) Law 2002, as amended, and associated codes, rules, regulations and guidance.
2002 Significant recent
amendments made in 2008 & 2010. Consolidated version of legislation available:
www.gfsc.gg/ The-Commission/Policy%20 and%20Legislation/ Insurance-Business- (Bailiwick-of-Guernsey)- Law-2002-Consolidated.pdf
Ireland
Wholesale Insurance Supervision Division, Central Bank of Ireland
European Communities (Non-Life Insurance) Framework Regulations 1994 (SI359 of 1994); European Communities (Reinsurance) Regulations 2006 (SI380 of 2006)
Isle of Man
Alan Rowe, Head of Supervision – Non Life
Insurance Act 2008, Protected Cell
Companies Act 2004 and Incorporated Cell Companies Act 2010
Jersey
Jersey Financial Services
Commission
Insurance Business (Jersey) Law 1996. Captive insurance businesses also have to consider the Codes of Practice and the Licensing Policy released by the JFSC in 2008 and 2009, respectively.
Luxembourg Victor Rod, Director,
Commissariat aux Assurances
Malta Director,
Authorisation Unit, Malta Financial Services Authority
Amended Law of 6 December 1991 on the Insurance Sector, Part IV
Insurance Business Regulations (applies to companies carrying out affiliated insurance business).
1996
1994 and 2006
N/A
Yes. Protected cell companies (PCCs) and incorporated cell companies (ICCs).
276 captives out of a
total of 346 international insurers. 180 cells are also captive cells out of a total of 342 cells.
No 119
TOTAL NUMBER OF LICENSED CAPTIVES
There are currently 63 licensed insurance companies in Gibraltar, 17 of which are captives, plus a further 34 captive cells within PCC’s.
NUMBER OF LICENSES GRANTED IN PAST YEAR
There have
been no captive licenses granted in the past year but four captive cells have been approved. In addition we licensed four new open
market insurers in 2010.
8 new insurance
licences plus 30 cells in 2010.
CAPTIVE TAX RATE
As of 1 January 2011, all insurance companies including captives will be taxed at a rate of 10% on net profits. Interest on investment income is non-taxable.
0%
No new licensed granted in 2010
12.50%
1986
Corporate Governance Code of Practice for Regulated Insurance Entities and Incorporated Cell Companies Act 2010
2008
Yes - Protected Cell Companies Act 2004
125
5
0%
Yes, protected cell companies (PCC) and incorporated cell companies (ICC).
There are no public records regarding figures.
There are no public records regarding figures.
0%
1991
2008
No
200 reinsurance captives
2003 N/A Yes
9 captives, plus 12 cells
7 in 2009
30%
1 captive, 1 PCC, 2 cells
35% tax on profits (possibility of refunds to shareholders).
40 emea captive 2011
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