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 business

Capitalisation            £50,000 minimum

Minimum Solvency          £50,000 plus 10% net premiums to £2m +5% on 
                          net premiums in excess of £2m + £100,000 if 
                          long term business written

Fees                      Registration fee £1,000
(Year 1 only)             Duty on authorised share capital subject to 
                          sliding scale up to maximum of £5,000
Annual Costs              Business fee £2,500 plus management, 
                          directors, legal and audit

Currency                  £ Sterling

Taxation                  Nil - 20%

Location                  Off north west coast of England

Administration            Developed infrastructure

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'.