ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Isle of Man

Willis Corroon

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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

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