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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Gibraltar

Willis Corroon
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United KingdomEnvironment
Legislation               Insurance Ordinance, Companies (Taxation & 
                          Concessions)
                          Ordinance and Financial Services Ordinance

Supervisory Jurisdiction  Financial Services Commission

Application to            Commissioner of Insurance

Data includes             Business plan
                          Tax exemption request
                          Management and directors' proposal

Reporting Requirements    Annual accounts (confidential)
                          There is no requirement for private 
                          companies to file accounts at Companies 
                          House
Restriction on Business   Activities limited by scope of Licence 
                          granted - general business or long term 
                          business (not both)

Capitalisation            £50,000 subject to minimum guarantee fund:
                          General liability               ECU 400,000

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