Administration World's second largest captive domicile
Strict confidentiality laws
Premier healthcare captive domicile
Legislation Insurance Acts, including EU Insurance
Directives
Supervisory Jurisdiction Department of Enterprise & Employment
(Insurance licence, required for insurance
captives only)
Department of Finance (tax licence,
required for insurance and reinsurance
captives)
Application to Industrial Development Authority (tax
licence)
Insurance Supervisor (insurance licence)
Data includes Tax licence: business plan, financial
projections, proposed directors and
managers
Insurance licence: As for tax licence plus
proposed policy wordings, reinsurance
agreements and margin of solvency
calculation
Reporting Requirements Annual Return, including abridged audited
financial statements
Six monthly return to the Insurance
Supervisor (required for insurance captives
only)
Restriction on Business None, if in accordance with business plan,
for reinsurance captives
None, if in accordance with insurance
licence, for insurance captives
Capitalisation Equivalent of IR £100,000 minimum for
reinsurance captives
Equivalent of IR £500,000 minimum for
insurance captives
Minimum Solvency In accordance with EU Directives for
insurance captives
No minimum requirements for reinsurance
captives
Fees Application fee: IR £4,000 for insurance
captives only
Annual filing fees: Scale from IR £100 (up
to IR £500,000 gross premium) to IR £25,000
(over IR £100 million gross premium) for
insurance captives only
Annual Costs Management, directors and professional
(tax, legal and audit) fees
Currency IR £ (Irish punts)
Taxation Corporation Tax at 10% (guaranteed to 2005)
on both investment and underwriting income
Location Full member of European Union
Administration Developed infrastructure and financial
centre
Additional notes Insurance captives can underwrite directly
into the EU.
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'.