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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Luxembourg

Willis Corroon
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United KingdomEnvironment
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

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