Captive Domicile Comparison - Offshore Number of captives Cells Allows cell captives Anguilla Bahamas Cayman Islands Nevis 379 16 65 Yes (SAC's) 761 247 Yes (SPs) Yes (SFs) Yes (PCs) Capital + surplus requirements Foreign / Exempt (Class B) Single Group Association General Unrestricted $10,000 $25,000 $100,000 $100,000 $200,000 Class B i (General) Class B ii (General) Class B iii (Generasl) General (most single parent & PC captives) Long-term Both general and long-term Class A -- single owner Class B -- 2 to 4 owners Class C -- 5 or more owners Allied (one fronting insurer) General Long-term Long-term & no other category >$500k Reinsurance $100,000 $150,000 $200,000 $100,000 $200,000 $300,000 $200,000 to $400,000 $300,000 to $600,000 $10,000 $20,000 $50,000 $10,000 $185,000 $100,000 $200,000 $185,000 of the FSC) $75,000 Letters of credit acceptable Yes (If to fulfill the minimum capital requirements, must be in favour Yes (but not for minimum of the FSC) capital and surplus) Solvency/leverage/capacity 20% first $5 mil NRAP 10% > $5 mil NRAP If long-term, minimum capital + surplus If long-term and other, above ratios appied to both long-term and other 5 to 1 NP; 3 to 1 NP preferred Yes Yes (but not for minimum capital and surplus) Specific calculation template issued by CIMA 20% first $5 mil NRP $1mill + 10% > $5 mil NRP Long-term business, minimum cap + sur Captive Domicile Comparison - Offshore Anguilla Investments allowed/restrictions Bahamas Cash, LOCs, and all Discounting applies to invested traditional investment assets other than cash, LOCs, and grade bonds and stocks other than are government securities of 10% to allowed; see Guidelines 30%; see on the Issuance Guidance Notes of Allowable Assets of Insurance Licences Cayman Islands Nevis Cash and all traditional investments allowed; restriction on stocks; no derivatives withour prior approval Cash and all traditional investments allowed; restrictions on stocks, real estate, mortgage loans, other Fees Application fee Class A Class B PCC PC License fee (initial and annual renewals) Class A Class B -- General or Unrestricted Class B -- Single, group, or association PCC PC Class B i (unrestricted and restricted) $100 $500 $500 $500 $350 $2,500 $2,000 $1,500 $1,500 $350 ( $3,500 maximum) $3,500 $2,500 Class B ii (unrestricted and restricted) Class B iii (unrestricted and restricted) SP $11,585.37 $12,804.88 $304.88 Based on Minimum Authorised Capital US$50,000 Registry Fees Application Fee (Non SAC company) Application Fee (SAC company) Annual Fee (Non SAC Company) Annual Fee (SAC Company) Annual Fee (Capital > $50,000) Annual SA Fee $10,365.85 $250 $250 $200 $200 $700 $1,000 $1,500 $500 $1,500 $732 $1,341 $854 $3,293 $500 US$365.85 per cell to max of US$1,829.27 Application and initial license fees Captives $1,880 Allied General Long-term $880 $4,000 $4,000 Reinsurance License renewal fees Captives Allied General Long-term Reinsurance Premium taxes $1,880 $1,000 $500 $1,000 $1,000 $1,000 None None None None Captive Domicile Comparison - Offshore Other taxes (including income taxes) Reporting requirements Local office Anguilla Bahamas Cayman Islands Nevis None None None None Annual audited financial statements within 6 months of year end Annual audited financial statements within 4 months of year end Annual audited financial statements; within 6 months of the year end Annual audited financial statements within 6 months of the year end Resident registered agent Resident registered agent Resident registered agent Resident registered agent Annual meetings Financial Services Commission http://www.fsc.org.ai/ Registry www.commercialregistry.ai Chief insurance regulator Laws, rules, and regulations Ministry of Finance, Regulation & Ministry of Finance, Cayman Islands Monetary Supervision Department, Registrar of Insurance Authority, Registrar of International Companies Insurance Supervision Insurance http://www.bahamas.gov. Division http://www.nevisfscr.com bs/ http://www.cimoney.com.ky/ / Insurance Act, 2006; External Insurance Act, 2009 Insurance Law 2010 (as amended); International Insurance Ordinance, 2004 (as amended) Insurance Regulations, 2008; External Insurance Regulations, 2010 Insurance (Forms) Regulations, 2003 International Insurance Regulations, 2004 International Business Companies Act, 2006 International Business Companies (Amendment) Act 2011 Insurance (Applications and Fees) Regulations 2012 (as amended) Protected Cell Companies Act, 2004; Segregated Accounts Companies (Amendment) Act 2011 Companies Law 2012 (as amended) Protected Cell Companies Regulations, 2010 Reserve and underwriting requirements Customary loss reserving Business Corporation Ordinance, 1984 (as amended) Monetary Authority Law (2013 Revision) Customary loss reserving Customary loss reserving Customary loss reserving; specified percentages of net