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Cell Captive
Captive insurance structures can be classified into three main categories: Single Parent Captives, Group Captives, and Core Cell Captive Insurance Companies, also known as Cell Captives or Core Cell Companies. Cell Captives are entities consisting of a core and an indefinite number of cell entities which are kept legally separate from each other. Each cell has dedicated assets and liabilities ascribed to it, and the assets of an individual cell cannot be used to meet the liabilities of any other cell. A core cell company may also have non-core assets, which may be made available to meet liabilities that cannot be attributed to another single cell. Depending on the specific structure and operation of the core cell company, it can create and issue cell shares with respect to any of the cells. There may be a common board of directors for all cells or cells may have their own unique board. Depending on the domicile of the core cell company its organizational structure may take on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Captive Insurance
Captive insurance is an alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself. The main purpose of doing so is to avoid using traditional commercial insurance companies, which have volatile pricing and may not meet the specific needs of the company. By creating their own insurance company, the parent company can reduce their costs, insure difficult risks, have direct access to reinsurance markets, and increase cash flow. When a company creates a captive they are indirectly able to evaluate the risks of subsidiaries, write policies, set premiums and ultimately either return unused funds in the form of profits, or invest them for future claim payouts. Captive insurance companies sometimes insure the risks of the group's customers. This is an alternative form of risk management that is becoming a more practical and popular means through which companies can protect themselves financially while having more co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Association Of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) is a voluntary membership organization of insurance supervisors from over 190 jurisdictions, constituting 97% of the world's insurance premiums. It is the international standards-setting body for the insurance sector. The IAIS was established in 1994 and operates as a ''verein'', a type of non-profit organisation under Swiss Civil Law. The IAIS' mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to the maintenance of global financial stability. Structure The IAIS' activities are supported by its secretariat and headed by a secretary general. The IAIS is hosted by the Bank for International Settlements (BIS). The IAIS works in partnership with BIS-hosted committees such as the Basel Committee on Banking Supervision (BCBS) and thCommittee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Revenue & Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible for the tax collection, collection of Taxation in the United Kingdom, taxes, the payment of some forms of Welfare state in the United Kingdom, state support, the administration of other regulatory Regime#Politics, regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the St Edward's Crown enclosed within a circle. Prior to the Elizabeth II, Queen's death on 8 September 2022, the department was known as ''Her'' Majesty's Revenue and Customs and has since been amended to reflect the change of monarch. Departmental responsibilities The department is responsible for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Guernsey Financial Services Commission
The Guernsey Financial Services Commission is the regulatory body for the finance sector in the Bailiwick of Guernsey. It supervises and regulates over 2,000 licensees from within the banking, fiduciary, investment and insurance sectors in accordance with standards set by international bodies such as the Basel Committee for Banking Supervisors, the International Association of Insurance Supervisors, the International Organisation of Securities Commissions and the Financial Action Task Force on Money Laundering. The Commission uses a risk based approach to the supervision of licensees which is underpinned by a system known as PRISM. See also * List of banks in Guernsey List of banks registered on the island of Guernsey, based on list of licensed banking institutions from the Guernsey Financial Services Commission * ABN Amro (Guernsey) Limited * Bank J. Safra Sarasin Limited, Guernsey Branch * Bank Julius Baer ... References External links Official site Financial re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
