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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Bermuda

Willis Corroon
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United KingdomEnvironment
Legislation               Various, including Insurance Act 1978

Supervisory Jurisdiction  Registrar of Companies
                          Minister of Finance

Application to            Registrar of Companies

Data includes             Company evaluation questionnaire, business 
                          plan, parent company report and accounts,
                          Memorandum of Association

Reporting Requirements    Annual audit, annual statutory financial 
                          return, loss reserve certification, 
                          certificate of solvency.

Restriction on Business   No specific restrictions

Capitalisation            General business
                          Class 1   Pure single or group captives
                          Class 2   Association and agency captives
                                    or pure captives writing <20%
                                    non related business
                          Class 3   All insurers not

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