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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - UK

Willis Corroon
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United KingdomEnvironment
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

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