Captive Domiciles: EMEA > Marsh USA 4365

Marsh USA

Login for access to all tools, resources and content.

Captive Domiciles: EMEA

Published: 13-Apr- 2011 | Product Category: Captive Solutions | Comments: 1

| Share

Dubai
Head of Office	Ronny Vellekoop
Senior Team
Office Address
Captive Solutions Group Marsh Management Services (Dubai) Limited Dubai International Financial Centre Level 5, Office 01 B, Precinct Building 2 P.O. Box 506770 Dubai, United Arab Emirates
Mailing Address
Captive Solutions Group Marsh Management Services (Dubai) Limited P.O. Box 506770 Dubai, United Arab Emirates
Telephone	971 04 508 0403
Facsimile	971 04 327 8686

General Information
Domicile	Dubai International Financial Centre (DIFC), an onshore financial centre designated as a financial free zone in Dubai.
Location	Dubai, one of seven emirates in the United Arab Emirates, is situated on the Persian Gulf. Dubai has a population of approximately 1.5 million people.
Accessibility	Flights from major North American and European cities are available to Dubai International Airport, the hub of Emirates Airlines.
Applicable Legislation	The legal framework in the DIFC is based on the common law of England & Wales and is independent of the civil and commercial laws in the U.A.E.
Regulatory Agency	Dubai Financial Services Authority (DFSA)

Regulatory Issues
Acceptable Insurance Subsidiaries	Single parent captives, mutual captives and protected cell companies for Life, non-life and reinsurance.
Acceptable Corporate Forms	Company limited by shares and protected cell company.
Permitted Business	All classes for which a company has a license.
Direct Insurance Permitted	A DIFC-registered captive cannot cover risks in the U.A.E. except by way of reinsurance. This means that insurance arrangements may be necessary for other territories, depending on the laws there.
Reinsurance Permitted	Yes, all lines within a reinsurance undertaking. There are no limitations imposed on insurance undertakings as to the quantum of reinsurance that may be accepted.
Policy Form and Rate Approval	Not required
Local Office Requirement	Registered office Resident Senior Executive Officer Resident Compliance & Money Laundering Reporting Officer

Capitalization & Solvency Requirements
Class 1	Designed for the insurance of risks only from its parent or related companies; and Requires a minimum capital of US$150,000.
Class 2	Designed for the insurance of risks only from its parent or related companies but may also accept up to 20% of its business from unrelated sources; and Requires a minimum capital of US$250,000.
Class 3	Is a group captive insurer, and Requires a minimum capital of US$1,000,000
Protected Cell Company	Requires minimum cellular assets of US$50,000; and US$50,000 in non-cellular assets.

Premium Taxes — Tax on Direct Premises
There are no premiums or other taxes applied to insurance policies in the U.A.E. For direct writing undertakings, premium taxes apply as per the local requirements in the territories being written into.

Investment Restrictions
There are no investment restrictions. Suitable controls and information systems should be in place to enable a captive insurer to implement an appropriate investment strategy as per the requirements of the DFSA’s risk-based prudential regime.

Taxation
Businesses operating in the U.A.E. are not subject to income or withholding tax. The United Arab Emirates has 46 tax treaties in force.

Page: 3 Of 11

First Previous 1 2 3 4 5 6 7 8 9 10 11 Next Last

Captive Solutions Brochure

Comments

Ian Clancy

Tuesday, August 16, 2011

Marsh offer captive management services in the Middle East from a Dubai hub. Our licensed entity in Dubai is Marsh Management Services (Dubai) Limited and the Head of Office is Ronny Vellekoop.

Ronny can be contacted via email at ronny.vellekoop@marsh.com

Rate this Article

Was this article helpful? Rate it! Five = highest; one = lowest.
12345