EMEA Captive domicile round-up (continued) 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 The FSC approved 1 protected cell of a licensed PCC
TOTAL NUMBER OF LICENSED CAPTIVES
There are currently 64 licensed insurance companies in Gibraltar, 15 of which are captive, plus a further 33 captive cells within PCC’s
NUMBER OF LICENSES GRANTED IN PAST YEAR
Number of licenses granted in past year: There have been no captive licenses granted in the past year but one captive cell has been approved. In addition The FSC licensed 2 new open market insurers in 2011
Guernsey
Guernsey Financial Services Commission (GFSC).
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:
http://www.gfsc.gg/The- Commission/Policy%20and%20 Legislation/Insurance-Business- (Bailiwick-of-Guernsey)-Law- 2002-Consolidated.pdf
Yes. Protected Cell Companies (PCCs) and Incorporated Cell Companies (ICCs). See Companies (Guernsey) Law 2008.
Companies/PCCs/ ICCS: 345 Cells: 341
11 new insurance company licences plus 44 cells in the 11 months ended 30 November 2011.
CAPTIVE TAX RATE
All insurance companies including captives will be taxed at a rate of 10% on net profits. Interest on investment income is non- taxable.
0%
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.
Ireland uses the definition of a “captive” as it appears in the Reinsurance Directive and the Solvency II Directive, unlike other jurisdictions which have a much broader definition of what would be regarded as a captive. Thus the number of captives operating in Ireland as
identified by the Central Bank of Ireland is not comparable to numbers issued in other jurisdictions.
N/A
12.5%
50 emea captive 2011
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