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Guernsey
Marsh Management Services Guernsey Ltd.
Head of Office: John Copeland
Sales Coordinator: Granville De Cruz
Office Address
St Martins House
Le Bordage
St. Peter Port, Guernsey
GY1 4AU
Channel Islands |
Telephone: (44-148) 171-5300
Facsimile: (44-148) 171-3617 |
Mailing Address
P.O. Box 34
St. Peter Port, Guernsey
GY1 4AU
Channel Islands
Basic Information
| Location |
The second largest of the Channel Islands, Guernsey is a self-governing dependency of the English Crown and is located approximately 70 miles south of England and 30 miles from France. The population is approximately 60,000. |
| Accessibility |
Regular daily flights from London and other provincial centers in England together with flights to certain European cities as well as ferry service from England and France. |
| Applicable Legislation |
The Insurance Business Law of Guernsey became effective as of December 31, 1986 and has been amended since, with the most recent changes in 2008. Protected Cell Company Legislation was introduced in 1997. |
| Number of Captives |
370 as of 31-Dec-2008 |
| Regulatory Agency |
Guernsey Financial Services Commission - Insurance Division State of Guernsey Advisory and Finance Committee |
Regulatory Issues
| Acceptable Corporate Forms |
Stock and Mutual |
| Permitted Business |
No restrictions |
| Direct Insurance Permitted |
No restrictions |
| Reinsurance Permitted |
No restrictions |
| Policy Form and Rate Approval |
Not required |
| Local Office Requirement |
Registered office
General representative |
Capitalization & Solvency Requirements
| Type of Business |
Minimum Capital |
Solvency Margin |
General Business
(Property/Casualty)
Long-Term Business
(Life) |
£100,000
£100,000
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18% of net premiums for first £5 million; 16% thereafter
The higher of £50,000 or 2.5% of the value of the long-term fund consisting of unearned premiums and investment income. |
Premium Taxes
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No local premium tax is imposed. Premium for U.S. risk may be subject to Federal Excise Tax of 4% on direct policies and 1% on reinsurance policies if captive is viewed as an insurance company for U.S. federal tax purpose. |
| Intercompany Loans |
Loans are allowed with the approval of the Commission. |
| Investment Restrictions |
Seventy-five percent of the assets maintained to meet minimum solvency requirements must be in an approved form, e.g. cash, bank deposits, certificates of deposit, Eurobonds, securities on a recognized stock exchange, or irrevocable letters of credit. |
| Taxation |
Guernsey captives are not taxed. |
| Reporting Requirements |
U.K. GAAP or recognized equivalent (e.g. IFRS or US GAAP)
Audited Financials
Certified Loss Reserves required for long-term business |
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