DOMICILE ROUNDUP
State Guernsey
Name of regulatory contact
Guernsey Financial Services Commission (GFSC).
Name of captive legislation
The Insurance Business (Bailiwick of Guernsey) Law 2002, as amended, and associated Codes, Rules, Regulations and Guidance.
Year legislation passed
2002
Recent amendments
Significant recent amendments made in 2008 & 2010
Consolidated version of legislation available:
http://www.gfsc.gg/The- Commission/Policy%20and%20 Legislation/Insurance-Business- (Bailiwick-of-Guernsey)-Law-2002- Consolidated.pdf
Do you allow cells
Yes. Protected Cell Companies (PCCs) and Incorporated Cell Companies (ICCs). See Companies (Guernsey) Law 2008.
Ireland
Insurance Supervision Department, Central Bank of Ireland
European Communities (Non-Life) Framework Regulations 1994 (SI359 of 1994); European Communities (Reinsurance) Regulations 2006 (SI380 of 2006)
1994 and 2006 None
There is no specific legislation in place for cells.
Total number of licensed captives
Companies/PCCs/ICCS: 345 Cells: 341
Number of licences granted in past year
11 new insurance company licences plus 44
cells in the 11 months ended 30 November 2011.
Ireland’s Solvency II-led approach to captive recognition means captive numbers are not comparable to other jurisdictions
N/A
Isle of Man
Alan Rowe (Head of
Supervision – Non Life)
Insurance Act 2008,
Protected Cell Companies Act 2004
Incorporated Cell Companies Act 2010
1986
Insurance (Solvency) (Amendment) Regulations 2011. These Regulations provide for how contingent debt assets are treated for the purposes of calculating the minimum margin of solvency of an insurer. In addition, they extend the period of admissibility of certain debt assets for the purposes of calculating the minimum margin of solvency of an insurer.
Yes - Protected Cell Companies Act 2004 and Incorporated Cell Companies Act 2010.
133
1
Jersey
Jersey Financial Services Commission
David Hart, Deputy Director, Insurance Division
Luxembourg Victor Rod, Director, Commissariat aux Assurances
Malta
Director, Authorisation Unit, Malta Financial Services Authority
Qatar
Mr. Fraser Brown, Director – Authorisation, Qatar Financial Centre Regulatory Authority
Amended Law of 6 December 1991 on the Insurance Sector, Part IV
Insurance Business Regulations (applies to companies carrying out affiliated insurance business).
Captive Insurance Business Rules 2011 (CAPI)
1991 2003
Insurance Business (Jersey) Law 1996
1996
Insurance Business (General Provisions) (Jersey) Order 1996, Insurance Business (Solvency Margin) (Jersey) Order 1996 and Insurance Business (Appointment of Manager) (Jersey) Order 2008
2008 N/A
Yes, Protected Cell Companies and Incorporated Cell Companies
No Yes
10
2
200 reinsurance captives
As at end 2011, 10 captives plus 16 cells.
6 in 2010
4 PCCs and 3 cells.
2011
QFC CAPI Rules were passed in 2011 after extensive consultation with the industry via 2 consultation papers.
Yes. Protected Cell Companies.
One
No captive licenses
were granted in 2011.
Labuan
Labuan Financial Services Authority
Labuan Financial Services and Securities Act 2010
2010
Enable formation of captive via Protected Cell Companies
Yes
34 captives
2
96 CICA | Forty years of captive leadership
ASIA
MIDDLE EAST
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