(1) This rule applies to a firm that is a QFC captive insurer if the firm ceases, or decides to cease, to effect new contracts of insurance or to renew contracts of insurance—
(a) in a category in which the firm has previously effected contracts of insurance; or
(b) for a cell or long term insurance fund-in a category in which the firm has previously effected contracts of insurance through the cell or long term insurance fund.
Note Category is defined in the glossary.
(2) A firm to which this rule applies is taken to have undergone a material change for purposes of rule 2.3.6
(Strategy and risk document — review by firm) and must—
(a) by written notice, tell the Regulatory Authority about ceasing, or deciding to cease, to effect contracts of insurance in the category; and
(b) if the firm's strategy and risk document is amended following a review under rule 2.3.6
— give the Regulatory Authority a copy of the amendment, together with a copy of its strategy and risk document as amended, within 10 business days after the day the amendment is approved by the firm's governing body.
Any material amendment to a firm's strategy and risk document must be approved by its governing body (see rule 2.3.5