Marsh Captives - New Zealand

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Captives

New Zealand

Head of Office: Chris McGuinness

Sales Coordinators: Chris McGuinness

Office Address

Level 18
151 Queen Street
Auckland
New Zealand

Telephone: (03) 9603-2881
Facsimile: (03) 9670-8581

Mailing Address

Level 18
151 Queen Street, PO Box 2221
Auckland
New Zealand

Basic Information

Location	New Zealand is located in the Pacific Rim and has a population of approximately 4 million.
Accessibility	New Zealand's Auckland airport is one of the world's premier airports. Flights are available to and from all major cities. "Telephone windows" are available to European, US and all Asian cities within a normal working day.
Applicable Legislation	Captives are governed by Insurance Companies Deposit Act of 1953.
Number of Captives	25 as of 31-Dec-2007
Regulatory Agency	Reserve Bank

Regulatory Issues

Acceptable Insurance Subsidiaries	Single Parent, Group
Acceptable Corporate Forms	Stock
Permitted Business	All -- Parental Risk, Third Party and Unrelated Risks
Direct Insurance Permitted	All lines of insurance permitted
Reinsurance Permitted	All lines of insurance permitted
Policy Form and Rate Approval	Not required
Local Office Requirement	Registered office required. Minimum of one director required. No resident director required. Books and records located in New Zealand.

Capitalization & Solvency Requirements
Capital - $500,000 (New Zealand dollars)

Premium Taxes	No premium tax is imposed.
Intercompany Loans	Parent company loans are allowed however should be arms length transaction.
Investment Restrictions	There are no formal investment restrictions.
Taxation	Captives are taxed at the rate of 30% of income generated by insurance business. New Zealand has double tax agreements with 26 countries: Australia, Korea, Belgium, Malaysia, Canada, Netherlands, China, Norway, Denmark, Philippines, Fiji, Russia, Finland, Singapore, France, South Africa, Germany, Sweden, India, Switzerland, Indonesia, Taiwan, Ireland, Thailand, Italy, United Kingdom, Japan, USA
Reporting Requirements	Statutory Financial Report Audited Report in accordance with Insurance Companies Deposits Act Audited Financial Statements



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