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EMEA Captive domicile round-up COUNTRY


NAME OF REGULATORY CONTACT


Isle of Man


Alan Rowe (Head of Supervision – Non Life)


NAME OF CAPTIVE LEGISLATION


Insurance Act 2008, Protected Cell Companies Act 2004 Incorporated Cell Companies Act 2010


YEAR LEGISLATION PASSED


1986 RECENT AMENDMENTS


DO YOU ALLOW CELLS


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.


Jersey


Jersey Financial Services Commission David Hart, Deputy Director, Insurance Division


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


Yes - Protected Cell Companies Act 2004 and Incorporated Cell Companies Act 2010.


TOTAL NUMBER OF LICENSED CAPTIVES


133


NUMBER OF LICENSES GRANTED IN PAST YEAR 1


CAPTIVE TAX RATE


0%


Yes, Protected Cell Companies and Incorporated Cell Companies


10


2


0%


Luxembourg Malta


Victor Rod, Director, Commissariat aux Assurances


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


2008 N/A


No Yes


200 reinsurance captives


As at end 2011, 10 captives plus 16 cells.


2011


QFC CAPI Rules were passed in 2011 after extensive consultation with the industry via 2 consultation papers.


Yes. Protected Cell Companies.


One, Al Koot Insurance and Reinsurance Company. Set up by Qatar Petroleum. Although Al Koot is no longer strictly a captive of QP, it still effectively acts as if it were QP’s captive insurer and acts as a consultant on its insurance needs.


6 in 2010


4 PCCs and 3 cells.


30%


35% tax on profits (possibility of refunds to shareholders).


No captive licenses were granted in 2011.


52 emea captive 2011


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