MINIMUM CAPITALISATION RATE
Minimum capitalisation rate: Minimum capitalisation is in accordance with European requirements - at present the MinimumGuarantee 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 2012: 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 - £19,650, general business (insurers and reinsurers GWP > 10 million - £21,700 long term business (insurers and reinsurers including PCC) - £27,250 general business (captive insurers and reinsurers) - £4,345; long-term business (captive insurers and reinsurers) - £10,800; protected cell companies (general business £4,345 plus £1,625 per cell. Application fee - In respect to the non-refundable application fee, the new fees will be: general business (insurers and reinsurers) £4,000 general business (captive insurers and reinsurers ) - £4,000 protected cell companies (general business) - £4,000 plus £1,500 per cell; long-term business £10,000 if an insurer at a later seeks an extension of it’s licence to cover additional classes, the application fee will be £3,000=
Non-life business: £100,000 Life business: £250,000
2011 fees: Insurer/Reinsurer/Captive £5,040 PCC/ICC £5,040 PCC Cell/ICC Cell £1,420 For a full list of fees and updates visit:
http://www.gfsc.gg/Insurance/Pages/Fees.aspx Note: No change in fees for 2012
No particular specialisation is evident among our captives.
NUMBER OF SINGLE- PARENT CAPTIVES
All captives are single parent.
NUMBER OF GROUP CAPTIVES
None
DO YOU HAVE GROWTH EXPECTATIONS? IF SO, WHY?:
The FSC does not comment on such matters.
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.
New license approvals are up notably on the preceding years and there have been a significant number of applications coming into the system during the last few months of 2011. Cells continue to represent the bulk of this new business but conventional captive, PCC and ICC structures are also well represented.
As per European requirements:
Insurance captive - €2.3m-€3.5m depending on types of business
Reinsurance captive - €1.1m
There is no initial authorisation fee.
Annual regulatory fees are based on class of business and premium volume.
Large number of direct insurance captives which write pan-European business on a Freedom of Services/Establishment basis.
A wide range of industries are represented in Ireland, predominantly international industrial and commercial basis.
Under the Central Bank of Ireland’s definition of a captive (as stated in the Reinsurance Directive and Solvency II Directive), a captive re/ insurance entity can have only one parent.
Group captives are not
recognised as a defined sub-sector of re/
insurance by the
Central Bank of Ireland, which uses the definition of “captive” as it appears in the Reinsurance Directive and
Solvency II Directive. Therefore there is no separate category for identifying a group captive.
continued overleaf emea captive 2011 51
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