• CAPI Part 8.2 CAPI Part 8.2 Establishment of long term insurance fund

    • CAPI 8.2.1 Firm not a protected cell company

      A QFC captive insurer that is not a protected cell company must, before it effects long term insurance contracts—

      (a) establish and maintain 1 or more long term insurance funds; or
      (b) give written notice to the Regulatory Authority that the firm is to be taken to constitute a single long term insurance fund.

      Note Protected cell company is defined in the glossary.

      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 8.2.2 Firm a protected cell company

      A QFC captive insurer that is a protected cell company must, before it effects long term insurance contracts through a cell—

      (a) establish and maintain, for the cell, 1 or more long term insurance funds; or
      (b) give written notice to the Regulatory Authority that the cell is to be taken to constitute a single long term insurance fund.

      Note 1 Under rule 5.1.4, a QFC 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 QFC captive insurer.

      Note 2 Cell is defined in the glossary.

      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 8.2.3 Effect of deeming

      (1) A firm that is taken to constitute a single long term insurance fund under rule 8.2.1 (b) is taken to have established a long term insurance fund for the purpose of attributing all of the assets and liabilities of the firm.
      (2) A cell that is taken to constitute a single long term insurance fund under rule 8.2.2 (b) is taken to have established a long term insurance fund for the purpose of attributing all of the assets and liabilities of the cell.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)