Main
>
Legal Framework
>
14.2. Protected Cell Companies
FINANCIAL SERVICES LEGISLATION
RULES
INSURANCE AND REINSURANCE PRUDENTIAL RULES
SCHEDULE 2 Categories of Long-Term Insurance
SCHEDULE 6. Prudential returns by Insurers
WORKING SCHEDULE 1 - List of Defined Terms for PINS and associated rulebooks
Entire Act

14.2. Protected Cell Companies

14.2.1. Captive Insurer may be a Protected Cell Company

(1) An Authorised Firm which is a Protected Cell Company (PCC) incorporated under the Companies Regulations may apply to the AFSA for a Licence to conduct Captive Insurance Business.

(2) A Protected Cell Company may not otherwise carry on Insurance Business.

14.2.2. Captive insurers that are PCCs not to create cells without consent

A Captive Insurer that is a Protected Cell Company must not create a Cell without the written consent of the AFSA.

14.2.3. Captive insurers that are PCCs to conduct Captive Insurance Business only through cells

A Captive Insurer that is a Protected Cell Company must ensure that, when it conducts Captive Insurance Business, each Contract of Insurance is attributable to a particular Cell of the Captive Insurer.

14.2.4. Captive insurers that are PCCs not to conduct General and Long-Term Captive Insurance Business through same Cell

A Captive Insurer that is a Protected Cell Company must not conduct both General Captive Insurance Business and Long-Term Captive Insurance Business through the same Cell.