Advantage Vanuatu
The Captive Solution
Comparison table |
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| Location | Vanuatu + | Cayman Islands | Turks & |
British Virgin Is. | Bahamas |
| Legislation | Insurance Law 2005 |
Insurance Law 1979 (revision 1999) |
Insurance Ordinance1989 (amended) Insurance regulations 1990 |
Insurance Act 1994 amended 2002 Insurance Regulations 1995 PCC Regs 2005 |
Insurance Act 1989
|
| Classification | Domestic
|
Class A Domestic Class B Unrestricted Class C Captive |
General & Life Domestic Captive |
General & Life Domestic |
General & Life |
| Capitalisation: | |||||
| Captive General | $100,000+ | $120,000 | $100,000 | $100,000 | $100,000 |
| Captive Life & Long Term | $250,000+ | $250,000 | $180,000 | $200,000 | $250,000 |
| Combined General & Long Term Business Captive | NA | NA | NA | $300,000 | $300,000 |
| Credit Life reinsurance Captive | NA | NA | NA | $10,000 | NA |
| Licence requirements |
Business plan beneficial owners, directors officers |
Business plan beneficial share owners, directors, officer details | Business plan beneficial share owners, directors, officer details | Business plan beneficial share owners, directors, officer details |
Business plan beneficial owners
|
Solvency and Net worth |
5:1 capital to premium ratio | 3-5 :1 premium to capital | As required to support application | 3-5:1 Premium to capital | 20% Solvency |
| solvency margin 20% | Solvency margin 20% excess | Solvency 20% | Solvency 20% | As necessary to support application | |
| Local office | Resident Insurance Manager | Resident licensed manager | Resident licensed Manager | Resident licensed Manager | Principal office representative |
|
Full books and accounts in Vanuatu | Full corporate accountancy Books and records | full records and accounts except Credit life | Full records and accounts in local office | Books and accounts in Bahamas |
| Audit requirements | Audited accounts Statutory declarations |
Annual audited accounts Certificate of compliance Statutory declarations | Audited accounts Statutory declarations | Audited accounts Statutory declarations ertificate of compliance | Audited accounts Statutory declarations |
| Investment limits | None | None | None | None | None |
| Licence Application | $250+ | $5,500 | $500 | $500 | $25 |
| Incorporation | $500 | $1,000 | $3,200 | $300 - $1,000 | $1,000 |
| Licence fee | $2,000+ | $9,146 | $2,000 | $2,000 | $2,500 |
| Credit Life | NA | NA | $500 | $1,000 | NA |
| Captive & Offshore surance Companies | 20 (Mar 2010) |
733 (Nov 2006) |
20 Credit Life 1,800 |
300 (Nov 2006) |
22 (Nov 2006) |
| Access | Good | Good | Fair | Fair | Good |
Banking / Financial Service providers |
Good | Excellent | Fair | Good | Good |
| Licensing Time Frame | 4 - 6 weeks | 3 - 4 weeks | 6 - 8 weeks | 3 - 4 weeks | 4 - 6 weeks |
+ Capital may be paid in the currency of the country where the risk is located. For example, the minimum capital for a captive insurer that is specified as US$100,000, is taken to be AU$100,000 if the risk is located in Australia. |
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