MINIMUM CAPITALISATION RATE


Minimum capitalisation is in accordance with European requirements – at present minimum guarantee fund stands at €3,500,000.


LICENSING FEES


INDUSTRY SECTORS BEST REPRESENTED IN THE DOMICILE


Current fees are as follows, due to increase 1 April 2011: Annual fee - The annual fees, which will fall due on the anniversary of the licensing of each company, are as follows: general business (insurers and reinsurers) GWP <£10 million - £16,500; general business (insurers and reinsurers) GWP >£10 million - £17,000; long-term business (insurers and reinsurers including PCC) - £22,500; general business (captive insurers and reinsurers) - £3,450; long-term business (captive insurers and reinsurers) - £8,000; protected cell companies (general business -£3,450 plus £1,250 per cell. Application fee - In respect to the non-refundable application fee, the new fees will be: general business (insurers and reinsurers) - £3,500; general business (captive insurers and reinsurers) - £3,000; protected cell companies (general business) - £3,000 plus £1,250 per cell; long-term business - £9,000. If an insurer at a later date seeks an extension of its licence to cover additional classes, the application fee will be £2,500.


Non-life business: £100,000;


2010 fees: Insurer/reinsurer/captive - £4,370; PCC/ICC - £4,370; PCC cell/ICC cell - £1,230


No particular


specialisation is evident among our captives.


NUMBER OF SINGLE- PARENT CAPTIVES


All captives are single parent.


NUMBER OF GROUP CAPTIVES


None


Insurance, banks, transport, construction and building materials, and engineering and machinery.


The majority of our


captives are single parent captives.


We do not record numbers of group captives but they would be a very small percentage of the total.


As per requirements of EU directives: Insurance: €2.3m-€3.5m depending on type of business; Reinsurance: €1.1m


None


Wide range of industries, generally international industrial and commercial businesses


All captives are single parent.


None


Class 12 (restricted) minimum £50,000 but risk-based margins apply in addition.


£100,000, although the JFSC may be flexible.


Captive - authorisation fee £2,000 and annual fee £4,250; Protected cell company – authorisation fee £2,000 and annual fee £4,250; cell – authorisation £1,000 and annual fee in respect of each cell is 0.2% of the net written premium of that cell, subject to a minimum of £500 and a maximum of £4,250 per cell per year. The annual fee for a PCC is subject to a maximum in the aggregate of £25,000.


£9,450 if the permit applied for or to be renewed is to include long-term business and the applicant is not a cell company or a cell; £4,725 in every other case if the applicant is not a cell company or a cell; £4,725 if the permit is for a cell company; or £2,700 if the permit is for the cell of a cell company and is to include long-term business of any class.


There is no particular emphasis on an industry sector. We would


comment that the majority of the captives are owned by UK parents.


Banking, fund


administration and wealth management.


There are no public records regarding figures.


There are no public records regarding figures.


137


6


€1,225,000 for reinsurance captives; €3,200,000 for commercial reinsurer.


Reflects EU directives - €2.2-3.2 million, depending on class of business; reinsurance captives - €1 million; other pure reinsurance €3 million.


€2,000 per licence


Industrial.


N/A


N/A


Application for authorisation - €1,800; acceptance of application - €2,500; continuance of authorisation - €5,000.


Automotive, chemical and utilities.


N/A


N/A


emea captive 2011 41


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