Legislation Various, including Insurance Act 1986 Supervisory Jurisdiction Insurance Supervisor Application to Insurance Supervisor Data includes Business plan Financial projections (3 years) Proposed directors and managers Completed directors' questionnaires Preliminary management agreement Memorandum and Articles of Association Tax exemption request Reporting Requirements Audited annual accounts, supplementary information and solvency statement to Insurance Supervisor Quarterly statements for the first three years Restriction on Business Specific licence for all parent company risks General licence for non-parent business Capitalisation £50,000 minimum Minimum Solvency £50,000 plus 10% net premiums to £2m +5% on net premiums in excess of £2m + £100,000 if long term business written Fees Registration fee £1,000 (Year 1 only) Duty on authorised share capital subject to sliding scale up to maximum of £5,000 Annual Costs Business fee £2,500 plus management, directors, legal and audit Currency £ Sterling Taxation Nil - 20% Location Off north west coast of England Administration Developed infrastructure
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'.