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Isle of Man
Marsh Management Services Isle of Man Ltd.
Head of Office: Derek Patience
Office Address
4th Floor, Atlantice House
4-8 Circular Road
Douglas,
UK IM99 2BB
Isle of Man |
Telephone: (44-162) 463-0523
Facsimile: (44-162) 467-6447 |
Mailing Address
P.O. Box 305
4th Floor, Atlantic House
4-8 Circular Road
Douglas,
UK IM99 2BB
Isle of Man
Basic Information
| Location |
The Isle of Man is situated in the middle of the Irish Sea, close to both the United Kingdom and Ireland. It has a population of about 75,000 permanent residents and a history of self-government and independence that dates back over 1,000 years. |
| Accessibility |
The island is connected with the U.K. and Ireland by direct scheduled air and ferry services. The island's telephonic services are digital, and include satellite and video conferencing facilities. |
| Applicable Legislation |
The Isle of Man Insurance Act of 1986, as amended in 2004. |
| Number of Captives |
156 as of 31-Dec-2008 |
| Regulatory Agency |
Isle of Man Government Insurance and Pensions Authority. |
Regulatory Issues
| Acceptable Insurance Subsidiaries |
Single Parent, Mutual or Association Captives; Protected Cell Companies. |
| Acceptable Corporate Forms |
Company limited by shares. |
| Permitted Business |
All commercial lines, personal lines and unrelated business permitted. |
| Direct Insurance Permitted |
Yes |
| Reinsurance Permitted |
Yes
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| Policy Form and Rate Approval |
Not required |
| Local Office Requirement |
Registered office |
Capitalization & Solvency Requirements
| Type of Business |
Minimum Capital |
Solvency Margin |
Long Term - General
Reinsurance - Direct (Restricted) |
£500,000
£150,000
£100,000
£ 50,000 plus |
10% of net premium up to £2 million; plus 5% of net premium in excess of £2 million for Direct (Restricted) Captive. |
| Premium Taxes |
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 |
Maximum loan of 125% of surplus over solvency requirements. |
| Investment Restrictions |
Admissible asset requirement. |
| Taxation |
Currently most IOM captives make an election to be tax exempt. However a small number elect to pay tax at specified rates. Effective 1st April 2006, all IOM captives will become liable for tax, however the tax rate is zero per cent
IOM has entered into a tax treaty with the Netherlands and is also investigating tax treaties with a further 12 domiciles. |
| Reporting Requirements |
GAAP Annual Reporting
Audited Financials
Certified Loss Reserves required for long-term business. |
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