Independent insurance management firm CGI Insurance Services has received authorisation from the jurisdiction’s regulators to establish a protected cell company on the island.
The new firm, known as Regency Underwriting Limited, becomes only the second PCC to set up in the Isle of Man since new legislation was enacted in January 2004.
The PCC Act enables a single legal structure to 'ring fence' certain assets and liabilities within a particular cell and legally segregate them from assets and liabilities placed into other cells.
According to the Isle of Man Online news service, Ian Gerrard, managing director of CGI, stated that Regency’s independent status (as opposed to broker controlled status) allows it to operate “a discreet, flexible structure capable of reacting rapidly to meet the needs of potential clients.”
A comprehensive report in our Intelligence Report series examining offshore insurance 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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