November
4, 2002
David A. Bornn, of The Bornn
Firm, p.l.l.c., is pleased to introduce you to the benefits of
selecting the U.S. Virgin Islands as the domicile for your captive insurance
company.
The Bornn Firm is a
recent out-growth of one of the U.S. Virgin Islands’ oldest firms. Its
principal, Attorney David A. Bornn, is formerly a partner in The Bornn Handy Law
Firm and Bornn Bornn Handy, a firm having its roots extending back to 1952.
Attorney David A. Bornn handles corporate matters, including advice on
and formation of International Insurers (captives) and their continuing
maintenance and governance. The Law Firm also provides the service of being the Resident
Agent and Resident Director of the captive, as required by law.
Attorney Bornn is a graduate of Trinity College, Hartford, CT (BA 1974)
and Villanova University School of Law (JD 1981).
He has been admitted since 1981 to practice in all of the courts of the
U.S. Virgin Islands and the U.S. Court of Appeals for the Third Circuit.
Upon request, we can provide you with a copy of current U.S. Virgin
Islands law on captive insurers; an article about the benefits of utilizing the
U.S.V.I. as a captive domicile; a summary of the specific use of a U.S.V.I.
captive for qualified ERISA Benefits management and investment; and a checklist
of procedures to be followed for establishing the captive.
In highlighting the benefits of using a U.S.V.I. – domiciled captive,
the following are important:
h “On-Shore” for purposes of being a U.S.
Territory; use of U.S. Banking system, communications, and currency; and access
to U.S. court system;
h “Off-Shore” for purposes for taxation;
hQualified jurisdiction and treatment as a
“State” for ERISA purposes;
hAbility to establish Branch Captive for ERISA
Benefits only;
hNo local taxation and low government fees;
h Friendly, developing jurisdiction not crowded by
hundreds of captives; able to receive individualized attention; cooperative
regulation;
hAnnual meeting required in the U.S. Virgin Islands.
Other Links To Visit
www.threesaints.com www.usvieda.org www.trianglecorporateservices.com