MINIMUM CAPITALISATION RATE
Class 12 (restricted) minimum £50,000 but risk based margins apply in addition.
LICENSING FEES
INDUSTRY SECTORS BEST REPRESENTED IN THE DOMICILE
@ 1 January 2012: Captive - Authorisation fee £2,000; Annual Fee £4,250 Protected Cell Company - Authorisation fee £2,000; Annual Fee £4,250 Cell – Authorisation £1,000; 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.
There is no particular emphasis on an industry sector. We would comment that the majority of the captives are owned by UK parents.
NUMBER OF SINGLE- PARENT CAPTIVES 123
NUMBER OF GROUP CAPTIVES
10
DO YOU HAVE GROWTH EXPECTATIONS? IF SO, WHY?:
The Isle of Man has a mature captive market and the number of authorised insurers is therefore expected to continue to grow. Statistics continue to indicate an increase in written premiums confirming increased usage of existing captive insurers by those owners who see them as a sophisticated risk management tool.
£100,000
Pure Captive - £4,725 for General Business or £9,450 Long Term Business PCC or ICC Core - £4,725 PCC or ICC cell - £1,350 for General Business, £2,700 for Long Term Business
Banking, Trust and Collective Investment Funds
7 0
Yes. The Jersey International Insurance Association (www.
JerseyIIA.org) was formed in 2010 to promote and develop Jersey’s international insurance industry and to establish the island as a recognised jurisdiction for insurance business. A high level of activity is being undertaken on the Island to develop insurance as an important part of Jersey’s diversified financial services sector.
€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.
Class 1 captive: US$ 150,000 Class 2 captive: US$ 400,000 (unless the QFC Regulatory Authority determines another amount for the firm) Class 3 captive: US$ 250,000 Class 4 captive: US$ 1million (unless the QFC Regulatory Authority determines another amount for the firm)
€2,000 per licence
Application for authorisation - €1,800; acceptance of application - €2,500; continuance of authorisation - €5,000.
Industrial.
Automotive, chemical and utilities.
N/A N/A N/A N/A DNA
Captive class 1,2,3 or 4: US$ 5,000 PCC – core only: US$ 8,000 PCC – core and individual cell(s): US$ 8,000 + US$ 1,000 per cell Cell(s) of an authorized PCC: US$ 1,000 per cell Captive manager: $ 1,000
The sole captive insurance company in Qatar started as a captive insurer to the oil & gas sector.
None
One (Al Koot Insurance & Reinsurance Company)
DNA
emea captive 2011 53
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