Magazine article Risk Management

Luxembourg

Magazine article Risk Management

Luxembourg

Article excerpt

Location: Western Europe

Total Captives: 260

Capitalization: Minimum of 1.225 million [euro] Fees: 4.000 [euro] incorporation fee plus 1% tax on capital

Investment Restrictions: No explicit restrictions, but investment policy must be approved by the Commissioner and have an adequate mix of security, liquidity and return. Share capital must be invested in Luxembourg. Intra-group investment is limited to approximately 2/3 of total assets.

Taxes: 30.4% corporate income tax and additional local taxes (approximately 37.45% in total); deferral possible by using catastrophe reserve: additional local taxes plus annual fee of 2,500 euros

Tax Treaties: Yes; with 45 countries (mostly European) following the OECD Model Tax Convention

Regulation: 1991 Insurance Law and Ducal Regulations: amended 1994

Governance: Luxembourg Ministry of Finance and Insurance. Note: Luxembourg is part of the EU and its regulations also apply.

Solvency: 10% of net earned premiums on non-life business. …

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