Legislation Grand Ducal Regulation, December 1991 Supervisory Jurisdiction Ministry of Finance Commissariat aux Assurances Application to Ministry of Finance Data includes Business plan, minimum capital, company statutes, directors and managers, reinsurance arrangements Reporting Requirements Annual audited accounts Restriction on Business Reinsurance only Capitalisation FLux 50m minimum or currency equivalent paid up in cash Solvency Margins 10% of net annual premium for non life business plus 2% technical reserves for life business Fees Subscription tax 1% paid up capital Legal fees FLux 100,000 Authorisation FLux 50,000 Trade registry and miscellaneous FLux 20,000 Annual Costs Authorisation fee FLux 100,000 plus management, secretarial, legal and audit Currency Any currency, Flux Taxation 0.5% corporate net worth tax, 0.5% municipal business tax plus 34.32% effective corporate income tax when profits are distributed Location European mainland Administration Highly developed financial centre
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