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Dublin
Marsh Management Services (Dublin) Ltd.
Head of Office: Ian J. Clancy
Sales Coordinator: Jennifer Warde
Office and Mailing Address
Marsh Management Services (Dublin) Limited
Registered in Ireland No. 156648
Registered Office:
4th Floor, Marsh House, 25-28 Adelaide Road, Dublin 2,IRELAND
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Telephone: (35-31) 605-3000
Facsimile: (35-31) 605-3010 |
Basic Information
Location
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Dublin is the capital of the Republic of Ireland, which is a member of the European Union (EU). Dublin is in the same time zone as London.
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| Accessibility |
Direct frequent international flights are available daily to and from Ireland connecting Dublin with the US (New York, Boston, Chicago, Washington, Atlanta and Los Angeles), London, and most European financial centers (Frankfurt, Paris, Amsterdam, Milan and Stockholm). |
| Applicable Legislation |
Taxation:
Ireland has a standard rate of corporation tax of 12.5% on trading profits.
Non-trading income and profits are subject to a rate of tax of 25%.
A favorable tax and legislative environment exists for securitisations.
Insurance Regulation:
Dublin licenses both direct writing insurance captives and reinsurance captives. Both Direct writing and reinsurance captives are governed by the European Union Insurance Directives as implemented into Irish law. In addition, direct writing captives must comply with guidelines in respect of minimum capitalization levels and the mix of premiums written on a direct/assumed reinsurance basis. |
| Number of Captives |
Approximately 131 as of 31-Dec-2008 |
| Regulatory Agency |
The Financial Regulator. |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Direct writing insurance and reinsurance captives - Single parent. |
| Acceptable Corporate Forms |
Company limited by shares. |
| Permitted Business |
A direct writing captive can write on an admitted basis into all 25 European Union territories which includes the following countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom.
Direct Captive - Life and non-life business cannot be transacted in the same company if the company is a direct writer.
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| Direct Insurance Permitted |
A direct writing captive can write on an admitted basis into the European Union which includes the following countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, United Kingdom.
A direct writing captive can also write on a non-admitted basis into the following countries for non-compulsory lines of risk only: Australia, Peru, Hong Kong, New Zealand, Norway, Singapore, Saudi Arabia, USA (subject to individual state regulations), Canada (subject to individual state regulations). |
Reinsurance Permitted |
Within a Reinsurance Captive, all lines are permitted including life and non-life. Within a direct writing company, limitations are imposed by regulator on the quantum of reinsurance that may be accepted (expressed by way of gross premiums written). Current regulations limit the amount of assumed reinsurance to 20% of total Gross Written Premium. |
| Policy Form and Rate Approval |
Direct writing only. |
| Local Office Requirement |
Registered office.
Independent non-executive director requirement.
Local employment commitment must be made by captive or its manager.
General Manager must be employed by a direct writing and reinsurance captive where third party business is transacted. |
Capitalization & Solvency Requirements
| Capitalization |
Direct Writing Captive - Euro 2/3 million Minimum Guarantee Fund depending on classes or cover.
Reinsurance Captives - Euro 1 million Minimum Guarantee Fund. |
| Solvency |
The precise solvency margin required is calculated in accordance with regulations. As a general rule of thumb 36% of gross premium income for direct writers, 18% for reinsurers, which must be matched by free reserves (paid-up share capital and retained profits). This percentage may be reduced depending on the level of risk ceded to reinsurers (subject to a maximum reduction of 50%). |
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