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| IoM Introduces Incorporated Cell Company Form |
by Jason Gorringe, Tax-News.com, London
Thursday, September 15, 2011
Financial services providers and prospective captive insurers in the Isle of Man
will benefit from new Incorporated Cell Companies (ICC) legislation being introduced
by the Isle of Man government.
The Incorporated Cells Act 2010 and the Insurance (ICC) Regulations 2011 came
into effect on June 23. At present, the use of ICCs is restricted to those carrying
on insurance business, however, the provision exists within the Act for this
to be extended in the future to include other types of business.
In an ICC structure, an entity is structured with incorporated
cells, which are considered seperate entities from one another for legal purposes.
These cells may hold assets, sue and be sued in their own name. As a result,
there is legal ring-fencing within an ICC structure which provides a stronger
degree of certainty and protection of the assets of other cells.
Commenting on the new legislation, Minister for Economic Development,
Allan Bell said: "The introduction of this new legislation will reinforce the Isle of Man’s
reputation as a competitive jurisdiction for captive insurance, by allowing
companies on the island to offer a wider range of options for captive insurance
business."
Chairman of Isle of Man Captive Association, Gaynor Brough added: "The Isle of Man is a leading destination for discerning captive owners
and is home to an impressive number of FT100 and FT250 companies. We are pleased
to now be in a position to add ICC structures to our existing stable of innovative
captive products."
David Vick, Chief Executive of the Insurance and Pensions Authority, noted: "An ICC structure offers a useful additional option for insurance and
risk management programmes, there has been strong industry support for this
move and we look forward to welcoming new companies who wish to take advantage
of the ICC structure."
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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