|
|
|
OFFSHORE CENTRES |
|
Our independent status offers access to a wide
range of major international insurance companies
regulated in secure
offshore centres with the highest level of
investor protection and client confidentiality.
Isle of Man
Guernsey
Jersey
Dublin
The Isle of Man
The Isle of Man was
the first offshore centre to be granted Designated
Territory status by the U.K. This makes the Isle of Man
one of the best-regulated International Finance centres
in the world. In terms of political and financial
security, few locations can rival the advantages
provided by the Isle of Man.
With more than 1,000 years of continuous parliamentary
government - the longest period of unbroken government
in the world - the Isle of White enjoys exceptional
political stability. In terms of direct taxation and
legal matters, it is independent of, and not subject to,
laws passed by the United Kingdom parliament.
In addition, the Isle of Man is not
a member state of the European Union and is therefore
not obliged to bring its tax system into line with that
of the European Union. Isle of man law prohibits
financial institutions from disclosing details of
clients, or their financial dealings, to any tax
authority therefore providing complete security.
In addition clients are protected
by the Compensation of policyholders Regulations 1991,
which are incorporated in the Financial Supervision Act
1988 operated by the Isle of Man Government Insurance
Authority.
The Isle of Man compensation of
policyholder's regulations Act 1991 provides up to 90% of
an insurer’s liability to the policyholder, in the
unlikely event that the company should go into
liquidation. There is no upper limit to the amount of
compensation that can be paid.
^
Guernsey
Guernsey is a part of the British
Isles and yet it is independent of the United Kingdom.
Guernsey’s history since 1205 has been one of
prosperity, economic success and political stability.
Guernsey’s position today as a premier international
finance centre results from its combination of fiscal
neutrality, quality communications and a progressive
approach to legislation. Policyholder protection of the highest order has
contributed to the prominence of international insurance
within a wide-ranging financial services industry. The
concentration of business has also resulted in the
development of a network of professional support
services, including a growing reputation for e-commerce.
Substantial
investment in new premises by many of the
leading international financial services
companies is also a tangible sign of the
positive way in which its key players view
Guernsey’s major industry. There is little doubt
that the future of Guernsey as a centre for
international finance is bright and exciting.
^
Jersey
Jersey is one of the world’s major
international financial centres and its political and
economic stability has made it an attractive base for
thousands of banks, fund management companies and other
financial professionals.
The Island has developed a
sophisticated and comprehensive infrastructure of laws
and regulations to support its Finance industry. Located
between the United Kingdom and France, Jersey is
recognised around the world as a centre of financial
strength and security.
Jersey prides itself for being at
the forefront of financial service regulation and
investor protection. What’s more, from Jersey’s
population of 88,000, over 12,000 are professionally
trained staff working within the finance or related
industries – a sure sign of the Island’s commitment to
international investors.
^
Dublin
All life assurance companies licensed to conduct
business in Ireland are directly regulated by
the Irish Government through the Department of
Enterprise, Trade and Employment.
Ireland is a full member of the European Union
The Irish regulatory system is in line with EU
requirements.
All life assurance companies are
subject to strict EU solvency margin rules. The same
rules that apply to life companies in the UK, Germany,
Belgium, Holland, France and anywhere else in the EU.
The aim of the solvency margin requirements is to insure
that the company concerned has sufficient funds to
comply fully with its obligations to policyholders.
Policyholders of unit-linked life
assurance savings, investment, pension policies are
secure in the knowledge that companies based in Dublin's
financial services centre are required at all times to
hold investments to the value of the units held by
client's life policies. These funds are held separate
and distinct from the shareholders funds, and are
reported separately to the regulator.
^
|
|
|
