Legislation Various, including Insurance Act 1986
Supervisory Jurisdiction Insurance Supervisor
Application to Insurance Supervisor
Data includes Business plan
Financial projections (3 years)
Proposed directors and managers
Completed directors' questionnaires
Preliminary management agreement
Memorandum and Articles of Association
Tax exemption request
Reporting Requirements Audited annual accounts, supplementary
information and solvency statement to
Insurance Supervisor
Quarterly statements for the first three
years
Restriction on Business Specific licence for all parent company
risks
General licence for non-parent business
Capitalisation £50,000 minimum
Minimum Solvency £50,000 plus 10% net premiums to £2m +5% on
net premiums in excess of £2m + £100,000 if
long term business written
Fees Registration fee £1,000
(Year 1 only) Duty on authorised share capital subject to
sliding scale up to maximum of £5,000
Annual Costs Business fee £2,500 plus management,
directors, legal and audit
Currency £ Sterling
Taxation Nil - 20%
Location Off north west coast of England
Administration Developed infrastructure
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.