Isle of Man - aon.com · Local ACIM Contact Gaynor Brough Managing Director Aon Insurance Managers...
Transcript of Isle of Man - aon.com · Local ACIM Contact Gaynor Brough Managing Director Aon Insurance Managers...
Applicable Acts The Insurance Act 2008 (consolidates 1986 Insurance Act & 1996 Intermediaries Act & 2004 Amendment) Incorporated Cell Companies Act 2010 Corporate Governance Code of Practice for Regulated Insurance Entities Act 2010 (CGC) Protected Cell Companies Act 2006
Tax Treaties Double Taxation Treaties – UK, Malta, Estonia, Bahrain, Qatar, Luxembourg, Guernsey, Jersey,Seychelles, Singapore.
TIEAs – 30+
Supervisory Jurisdiction The Isle of Man Financial Services Authority (IOMFSA) and International Association of Insurance Supervisors. The IoM is not part of theEU and is not directly impacted by Solvency II;however, it is committed to following the InsuranceCore Principles of the International Association of Insurance Supervisors which allows for a proportional approach to capital/solvency
Registration & Incorporation Expenses Application fee: GBP 2,380 Annual fee: GBP 5,115
Investment Restrictions Some intercompany investments have restrictions and are dependent on whether investments are approved/listed/unlisted. Restrictions can range between 10% and 25% in excess of the aggregate.
Capitalisation Minimum of GBP 50,000 for pure captives
Local Taxes 0/10 taxation policy as approved by the
no IPT & no capital gains tax. Insurance management services are VAT exempt.
Reserve & Underwriting Requirements Solvency margin is set by IOMFSA and is
reserve or underwriting requirements.
Reporting Requirements Annual approved audit
Isle of Man
Aon Risk Solutions | Global Risk Consulting | Captive & Insurance Management
dependent
Local ACIM Contact
Gaynor BroughManaging Director
Aon Insurance Managers
(Isle of Man) Limited
3rd Floor
St Georges Court
Douglas
Isle of Man
t +44 (0)1624 692420
aon.com
Aon Captive & Insurance Management (ACIM)Aon’s Captive & Insurance Management team manages more than 1,100 insurance entities worldwide including captives, protected and incorporated cell facilities, special purpose vehicles and specialist insurance and reinsurance companies. As a business unit within Aon’s Global Risk Consulting group, we leverage the diverse risk consulting expertise required for a successful risk management program. Our consulting and management teams work closely together to implement and create innovative solutions.
Aon Captive & Insurance Management has been awarded Captive Manager of the Year by Captive Review.
Aon Risk Solutions | Global Risk Consulting | Captive & Insurance Management
Estimated Number of Captives +/- 135 (www.iomcaptive.com)
Capabilities PCCs, ICCs, redomiciliation, rent-a-captives, LLPs
Karen Badgerow, Chief Executive (IOMFSA) Finch Hill House Bucks Road Douglas Isle of Man Tel: +44 (0) 1624 646000
Aon Insurance Managers (Isle of Man) Limited is registered with the Isle of Man Financial Services Authority as an insurance manager.