Legislation Various, including Insurance Act 1978
Supervisory Jurisdiction Registrar of Companies
Minister of Finance
Application to Registrar of Companies
Data includes Company evaluation questionnaire, business
plan, parent company report and accounts,
Memorandum of Association
Reporting Requirements Annual audit, annual statutory financial
return, loss reserve certification,
certificate of solvency.
Restriction on Business No specific restrictions
Capitalisation General business
Class 1 Pure single or group captives
Class 2 Association and agency captives
or pure captives writing <20%
non related business
Class 3 All insurers not falling into
classes 1, 2, or 4 eg. >20%
non-related writers, Rent-a-
captives $120,000
Class 4 large catastrophe property and
excess liability insurers
$1,000,000
Long term (life) $250,000
General and long term business
$370,000
Minimum Solvency For general business $120,000 to
$100,000,000 depending on class
Fees Government fee $3,360 - $8,400
Registration fee $2,205
Sundry fees $480
Annual Costs Business fee ($1,100) plus government,
management, secretarial and audit
Currency Bermuda $ parity with US $
Taxation Nil
Location Off east coast of USA
Administration Highly developed infrastructure, largest
captive domicile with more than 1,300
insurance companies
For further information contact Jenny Hill tel: +44 (0) 171 488 8866, fax: +44 (0) 171 488 8968 or visit the Willis Corroon web site, at Click Contact Link , or enter a text search 'Willis Corroon' and 'Business Monitor'.
