The Guernsey captive managers are excited about the new proposals being put to the States of Guernsey to facilitate rent-a-captives. Termed protected cell companies, they allow for a core capital to be subscribed by insurance companies, insurance managers or even the participants themselves. The insurance business of each different insurer can be written into different cells where the assets of one cell are protected by law from the liabilities of the other. If one cell exhausts all its funds then the creditors will only have access to that cell's assets and the assets of the core cell (i.e. the core capital and shareholder's funds)
For further information contact Peter Crook on Tel: +44 (0) 1481 712 706 or Fax: +44 (0) 1481 712 010.
The contents of this article are intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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