We're sorry but your browser is not supported by Marsh.com

For the best experience, please upgrade to a supported browser:

X

MARSH CAPTIVE SOLUTIONS

Asia Pacific Domiciles

Australia

Head of Office Chris McGuinness
Senior Team
Office Address 555 Lonsdale Street, FI 3
Melbourne
Victoria 3000 Australia
Telephone   61 39 603 2881

 

New Zealand

Head of Office Chris McGuinness
Senior Team Chris McGuinness
Office Address Level 18
151 Queen Street
Auckland
New Zealand
Mailing Address Level 18
151 Queen Street, PO Box 2221
Auckland
New Zealand
Telephone (03) 9603-2881
Facsimile (03) 9670-8581

 

General Information

Location New Zealand is located in the Pacific Rim and has a population of approximately 4 million.
Accessibility New Zealand's Auckland airport is one of the world's premier airports. Flights are available to and from all major cities.

"Telephone windows" are available to European, US and all Asian cities within a normal working day.
Applicable Legislation                             Captives are governed by Insurance Companies Deposit Act of 1953.
Number of Captives 11 as of 31-Dec-2013
Regulatory Agency Reserve Bank

 

REGULATORY ISSUES

Acceptable Insurance Subsidiaries          Single Parent, Group
Acceptable Corporate Forms Stock
Permitted Business All -- Parental Risk, Third Party and Unrelated Risks                                                                   
Direct Insurance Permitted All lines of insurance permitted
Reinsurance Permitted All lines of insurance permitted
Policy Form and Rate Approval Not required
Local Office Requirement Registered office required

Minimum of one director required

No resident director required

Books and records located in New Zealand

 

CAPITALISATION & SOLVENCY REQUIREMENTS

Capital -- $500,000 (New Zealand dollars)
Premium Taxes          No premium tax is imposed.
Intercompany Loans   Parent company loans are allowed however should be arms length transaction.
Investment Restrictions There are no formal investment restrictions.
Taxation Captives are taxed at the rate of 30% of income generated by insurance business. New Zealand has double tax agreements with 26 countries:

Australia, Korea, Belgium, Malaysia, Canada, Netherlands, China, Norway, Denmark, Philippines, Fiji, Russia, Finland, Singapore, France, South Africa, Germany, Sweden, India, Switzerland, Indonesia, Taiwan, Ireland, Thailand, Italy, United Kingdom, Japan, USA
Reporting Requirements Statutory Financial Report

Audited Report in accordance with Insurance Companies Deposits Act

Audited Financial Statements

 

SINGAPORE

Head of Office Stuart Herbert
Senior Team
Hwee Hong Ng
Serene Chng
Office and Mailing Address 8 Marina View, #09-05
Asia Square Tower 1
Singapore 018960
Telephone 65 6922 8522
Facsimile 65 6220 8142

 

General Information

Location Singapore is located in the western Pacific Rim. It is one of the major financial centres in the Asia Pacific. Singapore has a population of approximately 4 million.
Accessibility Singapore's Changi Airport is one of the world's premier airports. Flights are available to and from all major cities. "Telephone windows" are available to European, U.S. and all Asian cities within a normal working day.
Applicable Legislation Captives are governed by S.142 of the Insurance Act.
Number of Captives 62 as of year-end 2013
Regulatory Agency Insurance Commissioner's Department, The Monetary Authority of Singapore

 

Regulatory Issues

Acceptable Insurance Subsidiaries Single Parent, Group and Rent-a-Captives
Acceptable Corporate Forms Stock
Permitted Business Parent and 'Related Third Party' Risks
Direct Insurance Permitted Yes
Reinsurance Permitted Yes
Policy Form and Rate Approval No
Local Office Requirement Registered Office

 

Capitalisation & Solvency Requirements

Minimum Capital S$400,000 (Singapore dollars), cash only
Solvency Company Margin: Minimum of $400,000 on equity and retained earnings

Insurance Fund Margin: Positive fund retained earning
Premium Taxes No local premium tax is imposed. Premium for US risk may be subject to Federal Excise Tax of 4% on direct policies and 1% on reinsurance policies if captive is viewed as an insurance company for US federal tax purposes.
Intercompany Loans Allowed, contingent on the "arms length" nature of the transaction.
Investment Restrictions A captive that writes offshore risks of parents or related companies has no investment restrictions. All onshore risks are subject to the regulations of the Singapore Insurance Fund.
Taxation Captives can elect to be taxed at a rate of 0% or 10% of income generated by: General (re)insurance covering offshore risks; and Dividends and Interest from investments arising out of the (re)insurance of offshore risks. Otherwise, captives are subject to the normal income tax rate of 18% (with certain exemptions on the first S$100,000 of income).
Reporting Requirements Annual Reporting in accordance with the provisions of the Companies Act, Cap. 50 and Statements of Accounting Standard, Singapore

Audited Financials

Certified Loss Reserves not required