Valsen Corporate

Isle of Man Captive Insurance License

  • Isle of Man Captive Insurance License 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 is highly competitive and depend on the class of licence:
    1. Class 11: £100,000;
    2. Class 12: £50,000.
    Legal Requirements

    Requirements

    Description

    General
    • Corporate  vehicle permitted

    Guernsey company, Protected cell company (PCC), Incorporated cell company (ICC), Limited partnership
    • Local physical office required

    No

    Share capital or equivalent
    • Minimum paid-up capital

    GBP 100,000 (Class 11)

    GBP 50,000 (Class 12)

    Directors
    • Minimum number

    2
    • Corporate directorship allowed

    Yes
    • Local director required

    No

    Shareholders
    • Minimum number

    2
    • Corporate shareholders allowed

    Yes
    • Local  shareholders required

    No

    Service Providers Required
    • Company Secretary

    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