Legislation Insurance (Captive Company) Act
Supervisory Jurisdiction Financial Institutions Commission
Application to Deputy Superintendent, Insurance and
International Financial Business
Data includes - Application form
- Names of persons owning shares in the
company, the type and extent of their
ownership, and their voting power
- Biographical profile for each officer,
director and manager of the captive and
for officers and directors of the
management company
- A detailed business plan (3 years)
- Certificate of Incorporation, Memorandum
and Articles
- Application for approval to perform
actuarial and audit services
Reporting Requirements Annually file:
- audited financial statements
- actuarial statement
- registration renewal form
Restriction on Business - No third party business
- All classes of insurance within
Insurance Act, except:
a) surety insurance other than
reinsurance of surety insurance
b) life, sickness, disability or
personal accident insurance other
than within a Group, and
c) insurance of motor vehicles, other
than fleet insurance by a corporation
Capitalisation Minimum shareholders equity of Can $200,000
Minimum reserve of Can $100,000
Minimum Solvency None specified
Fees 1) Application Can $500
2) Registration Can $2,500
3) Renewal of Application Can $2,500
Currency Can $1.00 = US $0.73
Taxation Federal 29%, Provincial 16%
(Refund available on application for non-
Canadian Associations and Groups)
Location West coast of Canada on the Pacific Rim
Administration Established 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'.