Legislation Companies Act 1989 Insurance Companies Acts and Regulations 1981, 1982 and 1983 Supervisory Jurisdiction Department of Trade and Industry (DTI) Application to Department of Trade and Industry Data includes Ownership of captive Business plan Three year trading plan Reinsurance protection Proposed directors and officers Reporting Requirements Quarterly returns for the first five years. Audited annual financial statements to DTI and Registrar of Companies Restriction on Business In accordance with licence Capitalisation +/- 40% of premium income Minimum Solvency Per EU Non Life Establishment Directive Fees Incorporation and formation +/- £250 Stamp duty 1% on paid up capital Application costs: £10,000 - £15,000 Annual Costs Management, secretarial, legal and audit Currency £ sterling Taxation Corporation tax 33% on both investment and underwriting income Additional Notes DTI authorisation may take up to six months
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.
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