Legislation Grand Ducal Regulation, December 1991
Supervisory Jurisdiction Ministry of Finance
Commissariat aux Assurances
Application to Ministry of Finance
Data includes Business plan, minimum capital, company
statutes, directors and managers,
reinsurance arrangements
Reporting Requirements Annual audited accounts
Restriction on Business Reinsurance only
Capitalisation FLux 50m minimum or currency equivalent
paid up in cash
Solvency Margins 10% of net annual premium for non life
business plus
2% technical reserves for life business
Fees Subscription tax 1% paid up capital
Legal fees FLux 100,000
Authorisation FLux 50,000
Trade registry and miscellaneous
FLux 20,000
Annual Costs Authorisation fee FLux 100,000 plus
management, secretarial, legal and audit
Currency Any currency, Flux
Taxation 0.5% corporate net worth tax, 0.5%
municipal business tax plus 34.32%
effective corporate income tax when profits
are distributed
Location European mainland
Administration Highly developed financial centre
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'.