The Insurance and Pensions Authority (IPA) is charged only with the regulation of the insurance and pensions sector in the Isle of Man. Companies carrying out insurance business in or from the Isle of Man are authorised under the Insurance Act 2008.
Key Features
The Insurance Act ensures that the regulation governing Captives is robust, yet simple. Under the regulations, a number of classes of licence are available:
- Class 1 and 2: direct long-term insurance and reinsurance;
- Classes 3 to 9: direct general insurance and reinsurance;
- Class 10: long term reinsurance;
- Class 11: general business reinsurance only;
- Class 12: related party business on both an insurance and reinsurance basis.
Typically Captives fall into Classes 11 and 12. The minimum requirement for paid-up share capital are highly competitive and depend on the class of licence:
- Class 11: £100,000;
- Class 12: £50,000.
Legal Requirements
|
Requirements |
Description |
|
General |
|
|
Guernsey company, Protected cell company (PCC), Incorporated cell company (ICC), Limited partnership |
|
No |
|
Share capital or equivalent |
|
|
· Minimum paid up capital |
GBP 100,000 (Class 11) GBP 50,000 (Class 12) |
|
Directors |
|
|
2 |
|
Yes |
|
No |
|
Shareholders |
|
|
2 |
|
Yes |
|
No |
|
Service Providers Required |
|
|
Yes |
Tax Treatment
0% Corporate Tax Rate
Duration to Set Up
1 month
Distinctive Benefits of Licence
- Domicile for major blue-chip multinational organisations
- Proportionate and focused regulation
- Not an EU member state
- 0% Corporate Tax Rate
- OECD White Listed
- Re-domiciliation legislation
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers