Aon Insurance Managers Guernsey Newsletter
|
|
- Evelyn Bond
- 6 years ago
- Views:
Transcription
1 Aon Insurance Managers Guernsey Newsletter A message from our Welcome to our first newsletter. We hope that you find this and future issues to be informative and interesting. Our aim is to update you on developments taking place in Guernsey or elsewhere that could impact captives and insurance companies. In this issue you will note some recent developments in UK Controlled Foreign Company legislation which may represent positive news for Guernsey based captive vehicles. We also want to raise topics of interest within Aon generally and with some recent changes in the Aon Guernsey Senior Management team we have included profiles of each of our s in this edition. I am pleased to welcome both Stuart Brown and John Rowson to the Board from 1 January Stuart joins us from our Gibraltar office and John from Aon s Head Office in Chicago. On the subject of Aon s Head Office there will be a relocation of our headquarters from Chicago to London which is an exciting development that we report on futher in this newsletter. Finally, we reflect back on our inaugural Master Class held at the CII s flagship headquarters, Aldermanbury, London in April 2011 and look ahead to the next Master Class which will be held at the Chartered Accountant s Hall in Mooregate, London on the afternoon of 3 May We are currently finalising our panel of speakers and will be providing more details of the seminar to you in due course. I look forward to seeing as many of you there as possible. Table of Contents 2 UK CFC Reform & Potential Impact On Captives 3 Zero 10 in Guernsey the current position for captives 4 Aon Insurance Managers Board of Directors 6 Aon To Move Corporate Headquarters to London Legal & Regulatory Risk for Non-s Nominated Charity 7 AonLine for Captives Introduction to Captives Seminar Aon Captive & Insurance Master Class 2011 Best regards. Aon Insurance Managers (Guernsey) Limited paul.sykes@aon.co.gg
2 UK CFC Reform & Potential Impact On Captives Zero 10 in Guernsey the current position for captives In November 2010, the UK Government proposed reforms to the Controlled Foreign Companies (CFC) rules as part of the Corporate Tax Road Map. The Government made a first step towards reforming the rules by introducing interim improvements in Finance Act In June 2011 the Government published a consultation document setting out detailed proposals for new CFC rules to be introduced in Finance Bill Legislation will be introduced to repeal the current legislation and replace it with a new CFC regime, the key elements of which are: The business profits of a foreign subsidiary will be outside the scope of the new CFC regime provided that they meet the specified conditions set out in a gateway. These conditions define what is to be treated for the purposes of the regime as profits artificially diverted from the UK. Safe harbours will also be provided covering general commercial business, incidental finance income and some sector specific rules. A foreign subsidiary can rely on these safe harbours to show that some or all of its profits are outside the regime s scope. As an alternative to the gateway, the regime will also provide exemptions for CFCs. The exemptions will apply to the CFC as a whole and include an excluded territory exemption, a low profits exemption and a lower level of tax test. The rule changes proposed in 6 th December s draft legislation are generally viewed as a positive step and helpful in promoting the UK as a place that encourages international business. Potential Impact On Captives Whilst the legislation is not specifically aimed at captives, it will impact captives and their owners and captives are specifically mentioned within the text. Essentially, the expected operation of the legislation means that companies (or exempt foreign branches) outside the UK will only have their profits, or a proportion of profits, assessed in the UK if those profits are artificially diverted from the UK. It appears that the most significant impacts for captives could be: Captives that derive a proportion of their income from outside the UK should not be subject to UK tax on that portion of their earnings, which could be a significant benefit for captives of global businesses. Where income is earned in connection with a connected company in the UK: Captives in the EEA used by UK companies will be assessed on the UK connected profits unless there is a significant UK non-tax reason for using the captive. Captives outside the EEA will be assessed on the UK connected profits in most circumstances. Protected Cell Companies (PCCs) will now come within the scope of the CFC rules by merit of the beneficial interest that a controller would have in the entity s distributions or proceeds on winding up or disposal. As already mentioned, there are a number of exemptions potentially available, including around the business profits gateway test. For example, where a captive can show that it is not reliant on significant people functions in the UK, such as through having employees in its country of residence, they could be excluded by the gateway. However, in practice this may be hard to achieve as few captives are likely to have sufficient substance to meet this test, particularly if they use an outsourced service structure. Other exemptions may be applicable including the low profits exemption where total profits for the entity are not more than 500,000 (subject to no more than 50,000 derived from non-trading sources). There is also a low profit margin exemption (accounting profits do not exceed 10 per cent of the relevant operating expenditure ) and an excluded territories exemption, although it is expected that these will be of limited relevance to captives. It must be noted that the legislation is still in draft and will not be enacted until later in 2012 by which time changes may be made. However, the results of the consultation released in the summer and the recent draft legislation generally suggest a welcome change in the principles of the UK s CFC rules. Aon Whilst Aon is not a tax advisor, we recognise our clients that own captives will be interested in changes within the tax environment that may affect them and the purpose of this paper is therefore to create awareness of such developments. Specific advice should be sought in relation to the detail of the draft legislation and the specific impact that it may have on individual circumstances. Aon Global Risk Consulting is a multidisciplined team which is skilled in areas such as insurance, reinsurance, actuarial, finance, regulation and corporate governance. Aon is a leader in captive management. Our extensive involvement spans more than 40 years in this arena and we currently manage more than 1,350 captive clients and deliver practical knowledge in an unbiased, independent manner. For more information contact: Charles Winter +44.(0) charles.winter@aon.co.uk aon.com Ken Read +44.(0) ken.read@aon.co.uk aon.com As you may be aware, there has been some uncertainty over the exact nature of Guernsey s future corporate tax regime. To an extent this was dependent on the outcome of a review by the European Union into similar regimes in Jersey and the Isle of Man. ECOFIN has now announced that following amendments to those regimes which involved removing elements that sought to tax locally resident individual shareholders in companies before they received dividends, these are now considered approved. What does this mean for Guernsey? When it first became known that the EU was unhappy with the Island s zero 10 tax system it was announced that it would be reviewed with a presumption that it would be replaced, probably by a territorial tax with a headline rate of 10 per cent. It is generally accepted that it was for this reason a review by the EU of zero 10 in Guernsey was suspended. There has been some discussion since over the implications such a change might have for captives in Guernsey and for many there would be none. It was expected tax would only be payable to the extent the captive had a physical presence, office, staff, etc. in Guernsey, most do not. A final decision on the future of our corporate tax system was deferred, pending the outcome of the Jersey and Isle of Man reviews. It was announced recently that the review of Guernsey s zero 10 would recommence in the New Year but it would seem reasonable to expect a similar outcome if EU concerns over deemed distributions are addressed. This means the Island now has to make a decision to follow Jersey and the Isle of Man or change its regime. There is an election in April and it is already clear that this will not happen until after the new States Assembly is in place. Any uncertainty this may cause is not welcome. However for the vast majority of those with captives in Guernsey it should come down to a Hobson s choice between two positive outcomes, tax at zero per cent or no tax under a territorial regime. The former seems the more likely but either way the fiscal neutrality afforded to the industry over many years should continue. So for most captives there is a little more certainty than at first sight may appear to be the case. Graham Parrot Partner Ernst & Young LLP, Guernsey 2 3
3 Our Board of Directors We are pleased to introduce our s to you together with a brief summary of each of their backgrounds. The Board welcomes the most recent additions of Stuart Brown and John Rowson who will add further experience and strength in depth to our clients. Top row from left to right: Graham Powell,, Stuart Brown, Simon Walker Bottom row from left to right: John Rowson, Diana Knott, Stuart Brown John Rowson Paul joined Aon Guernsey in In 2003 he took charge of In January 2012 Stuart transferred to Aon Guernsey as an John s first 7 years with Aon was spent managing captives Derek joined Aon in Bermuda in 2000 before transferring Aon s White Rock group of Protected Cell Companies (PCCs), from the Aon Gibraltar office where he held and PCCs for large global operations in Guernsey and Gibraltar. to the Guernsey office in Derek holds directorships the world s leading provider of cell captives. In early 2006 Paul the position of Chief Operating Officer. Stuart has managed In 2009 John moved to Aon Chicago working with Aon s for a wide number of clients captives including the Aon moved to Gibraltar to lead Aon s operations in Gibraltar and captives, PCCs, open market commercial and life insurance consulting experts to deliver differentiated solutions to clients owned White Rock facilities. He acts as Operational Executive Malta and returned to Guernsey in 2010 as Aon Guernsey s companies as well as Gibraltar s largest reinsurance company. utilizing captives, PCCs, risk finance and actuarial expertise. for some of the office s largest clients. Prior to joining Aon. Stuart will lead clients as an Operational Executive and hold John returned to Aon Guernsey in January 2012 as an Executive he was an Underwriter at RSA for 11 years writing all non-life directorships on a range of client companies. Before joining Aon, Director and Head of the White Rock Guernsey PCC and classes for their major corporate clients. Stuart worked in audit at both BDO and Baker Tilly. ICC companies. Aon having joined in He leads a portfolio of 20+ clients as Simon Walker Diana Knott Operational Executive and is responsible for the management of Simon has worked for Aon for 10 years and has held a variety of Diana began her career with the Aon Group in 1985 and was some of the largest and most complex Guernsey based insurance roles. For his first 7 years, he was responsible for a large portfolio appointed to the Board of Aon Guernsey in Diana leads vehicles. Graham is Head of Compliance and is responsible for of Aon Guernsey clients in the capacity of Operational Executive. a portfolio of clients as an Operational Executive and holds relations with the Regulator in Guernsey. Since that time, he has moved through a number of wider Aon directorships on client companies. She has executive group operational roles. Besides his roles on the boards of Aon responsibility for a diverse range of captive and PCC clients Guernsey and some of its clients, Simon sits on the global board including professional accounting firms, financial institutions, of Aon Captive and Insurance Management (ACIM) and is the FTSE 100 beverage and retail businesses. Graham Powell Graham has spent his entire career in captive management with Group Head of Operations for ACIM. 4 5
4 Aon To Move Corporate Headquarters to London Introduction to Captives Seminar On 13 January 2012 Aon Corporation announced it will move its corporate headquarters from Chicago to London which will be an important step in the firm s global growth strategy. The move will provide greater access to emerging markets and take better advantage of the strategic proximity to Lloyd s and the London market as one of the key international hubs of insurance and risk brokerage. Aon s focus on identifying global opportunities in emerging markets will strengthen its ability to drive future growth, build innovative products, develop talent and deliver shareholder value. Aon believes this move will also have several near- and long-term financial benefits, including increased financial flexibility and improved capital allocation. As the proportion of Aon s revenue from international operations continues to grow, the ability to allocate capital for investment and growth will be vital to the firm s continued success. Nominated Charity Aon Guernsey s nominated charity for 2012 is Lungevity a Guernsey based charity supporting those living with lung disease and their helpers. Lungevity was chosen as a result of a nomination by a member of staff whose family life had been affected by lung disease. As a non-profit and volunteer-based health charity Lungevity raises funds to purchase equipment for local people with lung disease. The equipment enables sufferers to strive to lead as normal a life as possible within the confines of their conditions. This permits greater flexibility in activities of daily living. Aon Guernsey will be supporting the charity through both financial and non-financial measures. In addition to an annual donation, funds have also been raised through the annual office fat fighters dieting challenge which have been donated to help purchase equipment. Staff will be assisting the charity in their fundraising events throughout the year. For further information about Lungevity, please visit the charity s website at: Legal & Regulatory Risk for Non-s Aon Guernsey has recently held a seminar for local Non s which focused on the legal and regulatory responsibilities of directors. The seminar was held at Aon Guernsey s Disaster Recovery Suite and led by Paul Mudge, Aon Guernsey s Compliance Officer and Money Laundering Reporting Officer. Attendees heard about the current regulatory climate in the Channel Islands following the IMF visits and how this has affected the local Financial Services Commission s Sanctions regimes. Graham Powell, of Aon Guernsey and Head of Compliance, said: It is important that the Directors of captive insurance companies understand the personal risk of sanctions and litigation if an entity on which they act as Director is non-compliant with local legislation and regulations. Following the economic recession of 2008 there has been an increase in regulation which has specifically focused on corporate governance. Therefore, it is appropriate to remind ourselves that we are personally responsible for the compliance of the entities that we act as directors for. Aon Captive & Insurance Master Class 2011 Aon Guernsey hosted the inaugural Aon Captive & Insurance Master Class at the Chartered Insurance Institute in London. During the event, delegates heard from a number of eminent speakers including the Chief Minister of Guernsey Deputy Lyndon Trott, RBS Senior Economist Neil Parker and Barclays Director of Global Investment Strategy Henk Potts. In the keynote address the Chief Minister, outlined Guernsey s commitment to sustaining its position as European leader in captive insurance and one of the top four captive jurisdictions globally; set out how Guernsey s industry expertise and world-renowned reputation for robust but responsive regulation will help deliver that commitment; emphasised that Guernsey will lead in implementing IAIS international Aon Guernsey will be running a one day seminar on 21 June 2012 to introduce clients to the creation and management of captive insurance companies. This would be an ideal opportunity for clients who have staff that are new to captives or require a refresher. The seminar will cover the following topics: What is a captive and why would a company have one? regulatory standards; showed how Guernsey s economy has adapted strongly to the changing demands of the global economy. Charles Winter of Aon Global Risk Consulting and of Aon Insurance Managers Guernsey spoke about Solvency II and Guernsey s position which will differentiate it from other domiciles. Delegates heard how the number of captives domiciled in Guernsey is expected to increase significantly, once captive managers and owners better understand the implications of compliance with Solvency II. Following the success of our inaugural Captive & Insurance Master Class at the CII in London last year, we will be hosting the Master Class again in London, at the Chartered Accountants Hall on Thursday, 3 May Underwriting issues Accounting issues Investment matters Protected and Incorporated Cell Companies Regulatory environment The seminar is free to attend and will include a dinner for the delegates on the evening before. Delegates will be responsible for their own travel and accommodation costs. For further information, kindly contact derek.millar@aon.co.gg AonLine for Captives Aon Captive and Insurance Management have recently launched AonLine - an online communication network which enables our clients to have easy and secure access to their captive & insurance management documents at any time of day, from anywhere in the world. Every client signed up to have access to AonLine will be given a secure username and password to access their specific micro site which includes all documents relating to the company, news and other insurance resources. For further information, kindly contact your Operational Executive. The event was oversubscribed and a second session is scheduled for
5 Key Contacts +44 (0) Diana Knott +44 (0) Graham Powell +44 (0) Simon Walker +44 (0) Stuart Brown +44 (0) (0) John Rowson +44 (0) Aon Corporation (NYSE:AON) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human resources solutions and outsourcing. Through its more than 60,000 colleagues worldwide, Aon unites to deliver distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon s industry-leading global resources and technical expertise are delivered locally in over 120 countries. Named the world s best broker by Euromoney magazine s 2008, 2009 and 2010 Insurance Survey, Aon also ranked highest on Business Insurance s listing of the world s insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008 and A.M. Best deemed Aon the number one insurance broker based on revenues in 2007, 2008 and 2009, and Aon was voted best insurance intermediary , best reinsurance intermediary , best captives manager , and best employee benefits consulting firm by the reade rs of Business Insurance. Visit for more information on Aon and to learn about Aon s global partnership and shirt sponsorship with Manchester United. Aon Corporation, All rights reserved. Aon Insurance Managers (Guernsey) Limited is licensed and regulated by the Guernsey Financial Services Commission Registered Office: Maison Trinity, Trinity Square, St. Peter Port, Guernsey, GY1 4AT Registration Number: 5821 FP7050
Aon Insurance Managers Guernsey Newsletter
Aon Insurance Managers Guernsey Newsletter A message from our Managing Director Welcome to our latest newsletter in which we have so much to report since the spring edition. Personally it has been a year
More informationSecurely managed insurance solutions
The Group Securely managed insurance solutions Protected Cell, Incorporated Cell and Segregated Account facilities Value Proposition To provide clients with insurance solutions without the costs or capital
More informationWillis Management (Guernsey) Limited Captive Management in Guernsey
Willis Management (Guernsey) Limited Captive Management in Guernsey September 2003 Continue... Contents Introduction... Company Profile... Captive Management Services... Board of Directors... Investment
More informationInformation about the Aon Benfield Global Clients Reinsurance Seminar and scholarship
Aon Benfield Scholarship 2018 Championing outstanding practice and professional development in the insurance industry 2 Aon Benfield Scholarship Now in its fourteenth year, the Aon Benfield Scholarship
More informationFiduciary Services. Our knowledge and expertise helps us to provide the best solutions. Services. Company formation, administration and accounting
Fiduciary Services New Street Management Limited provides trust and corporate fiduciary services and is licenced by the Guernsey Financial Services Commission. We provide institutional and private clients
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More informationFiduciary Services. Our knowledge and expertise helps us to provide the best solutions. Services. Company formation, administration and accounting
Fiduciary Services New Street Management Limited provides trust and corporate fiduciary services and is licenced by the Guernsey Financial Services Commission. We provide institutional and private clients
More informationAon Insurance Managers Guernsey Newsletter
Aon Risk Solutions Autumn 2016 Aon Insurance Managers Guernsey Newsletter A message from our In this Issue 2 Technical update 3 Trading Risk Awards 2016 3 News round-up 4 Meet the Directors... 6 An interview
More informationBermuda Office OFFICE DESCRIPTION. Canon s Court 22 Victoria Street PO Box HM 1179 Hamilton HM EX Bermuda
Bermuda Office Canon s Court 22 Victoria Street PO Box HM 1179 Hamilton HM EX Bermuda T: +1 441 295 2244 F: +1 441 292 8666 E: bermuda@applebyglobal.com OVERVIEW Bermuda is one of the world s leading financial
More informationAnalysis of New Law UK CORPORATE TAX REFORM. Nikol Davies *
70 Analysis of New Law UK CORPORATE TAX REFORM Nikol Davies * INTRODUCTION The long anticipated consultation document for corporate tax reform was published by the government on 29 November 2010. The document
More informationINSURANCE. The perfect place for start-ups, innovative operations and niche providers BANKING MANAGEMENT
REINSURANCE The perfect place for start-ups, innovative operations and niche providers INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING Introduction Guernsey has a long
More informationWelcome. The right returns Our pensions investment newsletter
2 The right returns Our pensions investment newsletter June 2018 Welcome Welcome to the second edition of the Eversheds Sutherland Pensions Financial Services team s quarterly newsletter. This month we
More informationA yacht is a significant investment made up of time, effort and money; placing it in a carefully structured ownership entity can offer a number of
Yachts A yacht is a significant investment made up of time, effort and money; placing it in a carefully structured ownership entity can offer a number of benefits, including potential tax and VAT savings.
More informationAon Insurance Managers Bermuda
Aon Risk Solutions Issue 1 2018 Aon Insurance Managers Bermuda A Message from Anup Seth Welcome to the inaugural edition of the Aon Insurance Managers In this Issue (Bermuda) newsletter. As we continue
More informationREGULATORY UPDATE FOR ALTERNATIVE INVESTMENT FUNDS
Insights on... REGULATORY CHANGE REGULATORY UPDATE FOR ALTERNATIVE INVESTMENT FUNDS Spring 2014 As the regulatory landscape for alternative investment managers continues to evolve, managers are being asked
More informationINSURANCE: Bermuda Issues Guidance Notes
INSURANCE: Bermuda Issues Guidance Notes David J. Doyle, Partner, July 2005 In 2003 the International Monetary Fund ("IMF") performed an in-depth on-site review of Bermuda's financial services legislation
More informationGUIDE TO FUNDS IN THE ISLE OF MAN
GUIDE TO FUNDS IN THE ISLE OF MAN CONTENTS PREFACE 1 1. Constitutional Position 2 2. Flexibility of Legal Form 2 3. Regulatory Environment 3 4. Categories of Fund 3 5. Fund Taxation 8 PREFACE The Isle
More informationlongevity risk transfer
longevity risk transfer Peace of mind for scheme sponsors, trustees and members INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING What is longevity risk? The length of time
More informationThe Isle of Man Financial Services Authority The Chief Minister, States of Jersey
November 2017 2017 Report to: The Isle of Man Financial Services Authority The Chief Minister, States of Jersey Oversight of the Regulation of Auditors of Market Traded Companies Oversight of the regulation
More informationGuernsey funds. "Generally, all Guernseydomiciled
JERSEY GUERNSEY LONDON MAURITIUS BVI SINGAPORE GUERNSEY BRIEFING April 2015 Guernsey funds Guernsey is, for many, the jurisdiction of choice for the establishment /or administration of all types of collective
More informationInsurance and Pensions Sector Report
Insurance and Pensions Sector Report 1. This is a report for the House of Commons Committee on Exiting the European Union following the motion passed at the Opposition Day debate on 1 November, which called
More informationAon Hewitt Solutions. Curtiss Wright. June 2, 2014 Meeting. Risk. Reinsurance. Human Resources.
Aon Hewitt Solutions Curtiss Wright June 2, 2014 Meeting Risk. Reinsurance. Human Resources. Aon overview Aon was founded in 1979 although our history, through mergers and acquisitions, dates back to the
More informationLTS Tax Limited is an independently owned fi rm of Chartered Tax Advisers based in Guernsey, led by a management team with a combined professional
LTS Tax Limited is an independently owned fi rm of Chartered Tax Advisers based in Guernsey, led by a management team with a combined professional experience of over 100 years. Why LTS Tax? Focus As a
More informationDriving corporate sustainability through risk management
Aon Risk Solutions Global Risk Consulting Driving corporate sustainability through risk management Risk. Reinsurance. Human Resources. Introduction A changing risk context Sustainability risks are increasingly
More informationConsultation Paper Proposed fee amendments for financial services providers
Proposed fee amendments for financial services providers Date of Paper : 6 March 2014 Version Number : V4.10 File Location : z:\accounts\financial control\2014-2015 budget\consultation paper\604-publications-fees
More informationEconomic substance requirements in Jersey. October 2018
Economic substance requirements in Jersey October 2018 Economic substance requirements in Jersey Index Introduction Stage 1 Identify companies carrying on relevant activities Banking Insurance Fund management
More informationThought Leadership Guide
Thought Leadership Guide A collection of published ARS materials Risk. Reinsurance. Human Resources. Highlights Thought Leadership Guide Aon s continually growing directory of intellectual capital provides
More informationCayman Islands Insurance and Reinsurance Companies
Cayman Islands Insurance and Reinsurance Companies Introduction All companies carrying on insurance or reinsurance business in or from within the Cayman Islands must be licensed by the Cayman Islands Monetary
More informationManagement Company services
Management Company services Who is? is a global advisory, administration and family office firm providing seamless multi-jurisdictional legal, tax, fiduciary, investment and fund administration services
More informationBrexit: implications and options for life and pensions firms
Brexit: implications and options for life and pensions firms Minds made for shaping financial services August 2018 When the financial services industry works well, it creates growth, prosperity and peace
More informationGenerali Worldwide Island Trust
Generali Worldwide Island Trust Retirement planning for employees generali-worldwide.com In association with Legis Trust Limited 2 of 8 Generali Worldwide Insurance Company Limited Island Trust Retirement
More informationRegulatory Update February 2008
Regulatory Update February 2008 (Incorporating Financial Statistics for the Quarter ended September 2007) Protection Integrity Accountability C O N T E N T S Regulatory, Legislative and Other Developments.
More informationWillis Management (Guernsey) Limited Captive Management in Guernsey. August 2004
Willis Management (Guernsey) Limited Captive Management in Guernsey August 2004 Page Contents 4 Introduction... 5 Company Profile... 6 Captive Management Services... 7 Board of Directors... 8 Investment
More informationEU Protected Cells Captives on a budget
EU Protected Cells Captives on a budget Ian-Edward Stafrace MIRM FCII PIOR Chartered Insurer Risk Analyst & International Business Development Atlas Insurance PCC Ltd, Malta 22 March 2011 IRM Global Risk
More informationBrexit for insurance. Mapping the road to Brexit
Brexit for insurance Mapping the road to Brexit 3 A step-by-step guide to designing and implementing a strategy to meet the challenges of a post-brexit world With the clock ticking on the UK s exit from
More informationControlled foreign company reform an update
International Tax Services Controlled foreign company reform an update On 6 December 2011 HMRC published the document Controlled Foreign Company (CFC) Reform response to consultation together with most
More informationTHE OFFSHORE ANGLE: AN EXPERT S PERSPECTIVE
MARCH 2018 THE OFFSHORE ANGLE: AN EXPERT S PERSPECTIVE In this edition of Vannin Capital s In Conversation Series, London Managing Director, Rosemary Ioannou discusses the development of third party funding
More information2018 Broker Forum Manchester
good for business 2018 Broker Forum Manchester Industry knowledge and networking event for regional insurance brokers Wednesday 3 October 2018 Angel Risk Management s 2018 Broker Forum Manchester Wednesday
More informationTESTIMONIALS FROM PREVIOUS DELEGATES
TESTIMONIALS FROM PREVIOUS DELEGATES The training was very comprehensive and very well organised. Congratulations to all JLT people engaged in this training. Thank you for the excellent arrangements during
More informationCONSULTATION PAPER NO 9 OF 2015
CONSULTATION PAPER NO 9 OF 2015 13 JULY 2015 FINANCIAL SERVICES SUPPLEMENTARY RULES AND REGULATIONS WHY ARE WE ISSUING THIS PAPER? 1. The Board of Directors (the "Board") of Abu Dhabi Global Market ("ADGM")
More informationEffective Investment Management for US Connected Trusts
Effective Investment Management for US Connected Trusts Tuesday 2nd July 2013 SPEAKER: Tony McLoughlin (London & Capital) An interactive seminar to address the investment and associated compliance requirements
More informationAon Defined Contribution
Aon Aon Defined Contribution The Aon MasterTrust Expert guidance gives your employees DC journey the direction it needs Risk. Reinsurance. Human Resources. About Aon Aon plc (NYSE:AON) is a leading global
More information2017 PUBLIC ACCOUNTABILITY STATEMENT Dedicated to Building Strong Relationships
2017 PUBLIC ACCOUNTABILITY STATEMENT Dedicated to Building Strong Relationships CONTENTS 2017 PUBLIC ACCOUNTABILITY STATEMENT... 3 CORPORATE OVERVIEW VISION AND COMMITMENT TO SERVICE... 3 A MESSAGE FROM
More informationM a r i n e Claims Team - Europe
M a r i n e Claims Team - Europe The Navigators Marine Claims team offers a wealth of knowledge and experience covering all areas of Marine insurance. Our professionals have a depth of experience and the
More informationControlled foreign companies (CFC) reform publication of draft legislation. 6 December 2011
Controlled foreign companies (CFC) reform publication of draft legislation 6 December 2011 On 6 December 2011, the Government published draft legislation introducing a new CFC regime which will be included
More informationBERMUDA vs Guernsey. Reinsurance and jurisdiction choice INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING
vs Guernsey Reinsurance and jurisdiction choice INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING Bermuda vs guernsey Bermuda vs guernsey 53 sq km Hurricanes GMT -4h 70,537
More informationAPPLICATION FORM. For personal bank accounts with Lloyds Bank International Limited and Lloyds Bank (Gibraltar) Limited
APPLICATION FORM For personal bank accounts with Lloyds Bank International Limited and Lloyds Bank (Gibraltar) Limited Checklist for certifying the application for current accounts and savings. About this
More informationThe CFC consultation. - The latest step on the road to reform. Application of the Regime
The CFC consultation - The latest step on the road to reform After some four years since the process for the reform of the controlled foreign company ( CFC ) rules commenced, the Government finally published
More informationThe UK as a favoured location for Indian investments
The UK as a favoured location for Indian investments Over the course of multiple parliaments under different political leadership, UK Government policy has consistently aimed at creating the most competitive
More informationRegulatory Update February 2006
BERMUDA MONETARY AUTHORITY Regulatory Update February 2006 (Incorporating Financial Statistics for the Quarter ended September 2005) C O N T E N T S Regulatory, Legislative and Other Developments......4
More informationCharities. Empowering results with insurance and risk solutions for Charities. Risk. Reinsurance. Human Resources.
Aon Risk Solutions National Charities Charities Empowering results with insurance and risk solutions for Charities Risk. Reinsurance. Human Resources. Empowering results with insurance and risk solutions
More informationInsurance in Business Aviation
Insurance in Business Aviation Thursday 25 th April 2013 London, UK Hosted & Media Partners AGENDA Thursday 25 th April 2013 9.00 Registration and Networking Coffee 9.30 Opening Remarks 9.40 Overview of
More informationChannel Islands Trust & Corporate Services
TRUST & CORPORATE SERVICES Channel Islands Trust & Corporate Services Protecting your wealth with integrity and trust. www.moorestephensci.com PRECISE. PROVEN. PERFORMANCE. Moore Stephens in the Channel
More informationBermuda Captive Owners Association Webinar. Thursday, 31 May 2018
Bermuda Captive Owners Association Webinar Thursday, 31 May 2018 BMA Team Members Melissa Morton, Assistant Director, Authorisations Graham Lamb, Assistant Director, Insurance Supervision 2 Agenda Overview
More informationProduct reference guide
Aon Risk Solutions Product reference guide Empowering clients with our unique Structured Portfolio Solutions AonProtect Employee travel pack Empower results with medical emergency assistance, helpline
More informationINSURANCE-LINKED SECURITIES
INSURANCE-LINKED SECURITIES Guernsey is perfectly placed INSURANCE INVESTMENT FUNDS TRUST & COMPANY PENSIONS INVESTMENT MANAGEMENT BANKING INSURANCE-LINKED SECURITIES Guernsey UK France GUERNSEY Perfectly
More information3. they have a net worth, or joint net worth with their spouse, exceeding US$1,000,000 (excluding that person s principal place of residence); or
Jersey Expert Funds Introduction The Expert Funds regulatory regime is attractive to promoters wishing to establish funds aimed at sophisticated, institutional and high net-worth investors. The Expert
More informationNavigating Brexit Breakfast Briefing Insurance Cells In Malta
Navigating Brexit Breakfast Briefing Insurance Cells In Malta Brexit Considerations Neil Coulson 26 May 2017 Brexit considerations Brexit preparation Location considerations EU regulatory requirements
More informationTHE AUTHORISED COLLECTIVE INVESTMENT SCHEMES (CLASS B) RULES 2013 ( Class B Rules )
GUERNSEY FINANCIAL SERVICES COMMISSION PROTECTION OF INVESTORS (BAILIWICK OF GUERNSEY) LAW, 1987 THE AUTHORISED COLLECTIVE INVESTMENT SCHEMES (CLASS B) RULES 2013 ( Class B Rules ) THE AUTHORISED COLLECTIVE
More informationControlled Foreign Companies (CFC) Reform - a guide to the legislation
16 December 2011 Controlled Foreign Companies (CFC) Reform - a guide to the legislation Key points The policy aims and the broad scope of the revised proposals are welcomed but the legislation is complex
More informationJurisdictions Serviced
www.harbour.ky Jurisdictions Serviced The Cayman Islands is the leading jurisdiction for offshore investment funds as a result of its favourable regulatory environment, flexible structuring options,
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationKeynote Address by Mr John Leung, CEO, Insurance Authority 12th Asian Insurance CFO Summit th May 2018, Hong Kong
Keynote Address by Mr John Leung, CEO, Insurance Authority 12th Asian Insurance CFO Summit 2018 24th May 2018, Hong Kong Recent Developments of the Hong Kong Insurance Industry and the Insurance Authority
More informationRisk Management Perspectives Conference
Risk Management Perspectives Conference Biographical details of speakers/panellists Keynote Speaker - Cyril Roux Cyril Roux is Deputy Governor (Financial Regulation) of the Central Bank of Ireland. He
More informationWorkers Compensation in Other States: What s a Regional Carrier to do?
Workers Compensation in Other States: What s a Regional Carrier to do? Thursday, February 28, 2013, 11:10 a.m. Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS Director of Education
More informationAon Scholarship Championing outstanding practice and professional development in the insurance industry
Aon Scholarship 2019 Championing outstanding practice and professional development in the insurance industry 2 Aon Scholarship Now in its fifteenth year, the Aon Scholarship was established by Aon and
More informationInternational Capital Flows
International Capital Flows International investment into the UK & Europe: the role of Guernsey s investment funds sector January 2015 KPMG Channel Islands Limited Glategny Court Glategny Esplanade St
More informationResponse to the Department of Finance "Consultation on Coffey Review" January 2018
Response to the Department of Finance "Consultation on Coffey Review" January 2018 Table of Contents 1. About the Irish Tax Institute... 3 2. Executive Summary... 4 3. List of recommendations... 7 4. Response
More informationTime to Focus on Getting Things Done. Delivering Pensions Stability faster. Risk. Reinsurance. Human Resources.
Aon Hewitt Retirement and Investment Solutions Time to Focus on Getting Things Done Delivering Pensions Stability faster Risk. Reinsurance. Human Resources. Time to focus on getting things done Delivering
More informationAON PLC FORM 8-K. (Current report filing) Filed 12/20/11 for the Period Ending 12/20/11
AON PLC FORM 8-K (Current report filing) Filed 12/20/11 for the Period Ending 12/20/11 Telephone (44) 20 7623 5500 CIK 0000315293 Symbol AON SIC Code 6411 - Insurance Agents, Brokers, and Service Industry
More informationGuernsey Office OFFICE DESCRIPTION. PO Box 56 Regency Court Glategny Esplanade St Peter Port Guernsey GY1 1WW Channel Islands
OFFICE DESCRIPTION Guernsey Office PO Box 56 Regency Court Glategny Esplanade St Peter Port Guernsey GY1 1WW Channel Islands T: +44 (0)1481 755 600 F: +44 (0)1481 728 992 E: guernsey@applebyglobal.com
More informationAon Insurance Managers Guernsey Newsletter
Aon Risk Solutions 40 Year Anniversary Edition Aon Insurance Managers Guernsey Newsletter A message from our Managing Director Welcome to our special 40th anniversary edition newsletter. We are extremely
More informationRESIDENCE IN ALDERNEY FOR INDIVIDUALS
RESIDENCE IN ALDERNEY FOR INDIVIDUALS www.stpeterstrust.com This information sheet is intended to supplement our brochure which contains certain background information concerning the Channel Islands and
More informationAnnual Meetings Remarks May 3, Paul Mahon. President and CEO Great-West Lifeco Inc.
Annual Meetings Remarks May 3, 2018 Paul Mahon President and CEO Great-West Lifeco Inc. Paul Mahon President and CEO Great-West Lifeco Inc. Contents Overview 1 Financial performance highlights 1 Creating
More informationPolitical agreement was reached on the AIFMD in October The text of the Directive was published in the Official Journal (OJ) in July
Date: 13 October 2015 ESMA/2015/1535 ESMA advice on the application of the AIFMD passport to non- EU AIFMs and AIFs and ESMA opinion on the functioning of the AIFMD EU passport and of the National Private
More informationInsurance Division Address by John Dunford, Deputy Director of Insurance, 20 October 2011 Intermediaries
Insurance Division Address by John Dunford, Deputy Director of Insurance, 20 October 2011 Intermediaries Retail Distribution Review Good afternoon ladies and gentlemen. I would like to reiterate Jeremy
More informationCaptive Insurance Company FAQs
Captive Insurance Company FAQs What is a Captive Insurance Company? A captive is a closely held company in the business of insurance owned and controlled by one or more entities that are the exclusive
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY CONSULTATION PAPER POLICYHOLDER PROTECTION June 2017 TABLE OF CONTENTS I. Executive Summary... 3 II. Background... 4 III. Preferential Treatment of Policyholders for the Bermuda
More informationFor captive insurers and captive insurance managers
A Guide to the QFC Captive Insurance Regime For captive insurers and captive insurance managers Risk Management Captive Insurance Captive Management Disclaimer Contents The goal of the Qatar Financial
More informationSALARY GUIDE INSURANCE EXPERTISE
2016 SALARY GUIDE INSURANCE EXPERTISE Contents Introduction... 3 City & Lloyd s Market... 4-9 Home Counties... 10-13 West Midlands... 14-17 East Midlands... 18-21 South West... 22-25 The North... 26-29
More informationAbout Jersey. General. Government
About Jersey General Jersey is the largest and most southerly of the Channel Islands and lies 14 miles off the Normandy coast. It has a resident population of approximately 91,000 living in an area of
More informationProspects. A platform of the Malta Stock Exchange designed specifically for SMEs
Prospects A platform of the Malta Stock Exchange designed specifically for SMEs The Malta Stock Exchange Since being set up in 1992, over 4 billion worth of capital has been raised on the local market
More informationBrexit. Effects on the markets. Daniel Revilla Lloyd s Head of Latin America
Brexit Effects on the markets Daniel Revilla Lloyd s Head of Latin America Lloyd's 2017 What is Brexit? And what can we expect from the negotiations Brexit is a withdrawal of the UK from the European Union.
More informationSRP Americas Indexed Insurance Forum The Embassy Club, Des Moines September 2018
SRP Americas Indexed Insurance Forum 2018 The Embassy Club, Des Moines 18 19 September 2018 CONTENTS OUR SPONSORS Welcome GOLD SPONSOR Who You Will Meet Derivatives Masterclass Conference Agenda Previous
More informationNAIC 2018 Fall National Meeting Highlights
Debevoise In Depth NAIC 2018 Fall National Meeting Highlights December 21, 2018 The National Association of Insurance Commissioners ( NAIC ) held its 2018 Fall National Meeting from November 15 to 18,
More informationAon Risk Solutions Global Risk Consulting. Solvency II An Overview of the Challenges for Captives. Risk. Reinsurance. Human Resources.
Aon Risk Solutions Global Risk Consulting Solvency II An Overview of the Challenges for Captives Risk. Reinsurance. Human Resources. Introduction Solvency II, until recently, was still in some doubt,
More informationReal Estate Organizational Risks
Aon Risk Solutions Real Estate Organizational Risks Avoiding gaps in coverage when insuring non-traditional organizational structures June 2015 Risk. Reinsurance. Human Resources. Investors in the real
More informationThis week s update focuses on an update on the negotiations of the withdrawal agreement including publication of the latest draft withdrawal text.
ǀ This regular paper produced by SPICe sets out developments in the UK s negotiations to leave the European Union, the process for which has now formally begun following the Prime Minister s triggering
More informationOne voice. How BIBA helps your business. Strength in numbers. The best insurance is a BIBA broker
British Insurance Brokers Association How BIBA helps your business One voice Strength in numbers The best insurance is a BIBA broker www.biba.org.uk 0844 77 00 266 What our members say Mike Slack, Temporary
More informationCAYMAN ISLANDS MONETARY AUTHORITY PRIVATE SECTOR CONSULTATION
CAYMAN ISLANDS MONETARY AUTHORITY PRIVATE SECTOR CONSULTATION GUIDANCE NOTES ON THE PREVENTION AND DETECTION OF MONEY LAUNDERING AND TERRORIST FINANCING IN THE CAYMAN ISLANDS A. Introduction 1. Section
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K. Aon plc (Exact Name of Registrant as Specified in Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event
More informationInterpretation Statement 18/05 Fact Sheet Applying the safe harbour approach
Interpretation Statement 18/05 Fact Sheet Applying the safe harbour approach This fact sheet sets out the most important information from interpretation statement IS 18/05, including an explanation of
More informationCaptive Marketplace Perspective July 2003
Captive Marketplace Perspective July 2003 Introduction Captive Participation Opportunities Captives from a Risk Financing Perspective Current Risk Financing Captive Trends Willis Captive Practice Introduction...2002
More informationSRP France. 1 st Conference Hotel Pullman Paris Tour Eiffel 17 September In Partnership with
SRP France 1 st Conference 2018 Hotel Pullman Paris Tour Eiffel 17 September 2018 In Partnership with CONTENTS OUR SPONSORS Welcome GOLD SPONSOR Who You Will Meet Conference Agenda Previous Sponsors of
More informationThe 2018 Joint Ministerial Council and related meetings in the UK & Europe Mr. Speaker, Mr. Speaker, Mr. Speaker,
MINISTERIAL STATEMENT BY THE HON. E. DAVID BURT JP MP PREMIER 7 th December 2018 The 2018 Joint Ministerial Council and related meetings in the UK & Europe Mr. Speaker, I am pleased to provide an update
More information7 th May Damages Discount Rate Consultation Ministry of Justice Post Point Petty France London SW1H 9AJ
7 th May 2013 Damages Discount Rate Consultation Ministry of Justice Post Point 6.21 102 Petty France London SW1H 9AJ LMA Response to Damages Act 1996: The Discount Rate - Review of the Legal Framework
More informationBrexit Essentials. Brexit and insurers - two years on. Continuity of contracts. Where are you (actually) carrying on business?
Brexit Essentials Brexit and insurers - two years on 28 June 2018 Immediately following the Brexit vote, the key question facing insurers with significant EEA business was whether they would need to carry
More informationCross-border alternative fund distribution
Cross-border alternative fund distribution Expanding your distribution footprint 8 December 2016 Agenda 9:00 am New opportunities for distribution under AIFMD. New countries and distribution channels Presentation
More informationUK Tax Flash. Reform of the UK CFC Rules: The Next Chapter.
27 January 2010 UK Tax Flash. Reform of the UK CFC Rules: The Next Chapter. The long-awaited discussion document on the reform of the UK s controlled foreign company rules has at last been published by
More informationALLIANZ MULTINATIONAL YOUR WORLD IS OUR BUSINESS
ALLIANZ MULTINATIONAL YOUR WORLD IS OUR BUSINESS ALLIANZ MULTINATIONAL YOUR WORLD IS OUR BUSINESS ABOUT ALLIANZ MULTINATIONAL In a world where business and trade opportunities are constantly evolving,
More information