CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. First Stage Of IoM Captive Review Concludes

First Stage Of IoM Captive Review Concludes

by Robert Lee, Tax-News.com, London

16 October 2007


The Isle of Man has confirmed that it is set to enhance its challenge for the world's captive industry business, and has announced the end of the first stage of the strategic review of the Island's captive insurance industry.

The Bennet Report, a review of the Isle of Man's insurance and captive sector, prepared by ex-AIRMIC Chairman, Norman Bennet, has been completed and presented to industry and Government representatives on the Island. It identifies the requirements to re-position the Isle of Man as the jurisdiction of choice over competitor domiciles.

Derek Patience, chairman of the Manx Insurance Managers Association (MIMA) on the Isle of Man, commented on the Report: "We are delighted with the on-Island support we have received so far on the Bennet Report. The Report highlights the strengths of our already well-established insurance and captives industry, but emphasises that in order for us to move ahead of our competitors, we need to renew our focus and raise our profile."

John Spellman, head of Isle of Man Finance, added: "We are already a dominant player in insurance for the life sector and it is now time to up the ante in the captive insurance sector too. The offering of modern regulation, sophisticated infrastructure and a zero percent tax regime will prove more than a formidable challenge to other more crowded locations."

The Report has been received with interest by the Isle of Man Finance Strategic Group, with detailed implementation plans currently being drafted to meet legislative and fiscal plans for 2008.


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »