Legislation Companies Act 1989
Insurance Companies Acts and Regulations
1981, 1982 and 1983
Supervisory Jurisdiction Department of Trade and Industry (DTI)
Application to Department of Trade and Industry
Data includes Ownership of captive
Business plan
Three year trading plan
Reinsurance protection
Proposed directors and officers
Reporting Requirements Quarterly returns for the first five years.
Audited annual financial statements to DTI
and Registrar of Companies
Restriction on Business In accordance with licence
Capitalisation +/- 40% of premium income
Minimum Solvency Per EU Non Life Establishment Directive
Fees Incorporation and formation +/- £250
Stamp duty 1% on paid up capital
Application costs: £10,000 - £15,000
Annual Costs Management, secretarial, legal and audit
Currency £ sterling
Taxation Corporation tax 33% on both investment and
underwriting income
Additional Notes DTI authorisation may take up to six months
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'.