• CAPI Part 10.3 CAPI Part 10.3 Provisions for contracts relating to captive insurance business in run-off

    • CAPI 10.3.1 Application of part 10.3

      This part applies to a firm that―

      (a) is in run-off in relation to its entire captive insurance business or the entire captive insurance business of a cell or long term insurance fund; or
      (b) has given notice to the Regulatory Authority under rule 10.2.3 for its entire captive insurance business or the entire captive insurance business of a cell or long term insurance fund; or
      (c) has received a written notice from the Regulatory Authority withdrawing the firm's authorisation to effect contracts of insurance for its entire captive insurance business, or for the entire captive insurance business of a cell or long term insurance fund.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 10.3.2 Firms in run-off must notify Regulatory Authority of certain contracts

      (1) A firm to which this part applies must—
      (a) within 10 business days after the day its captive insurance business goes, or is placed, into run-off, notify the Regulatory Authority in writing about the existence and principal features of any notifiable contract that existed at the time the business entered into run-off; and
      (b) within 10 business days after the day it enters into a notifiable contract in relation to its captive insurance business in runoff, notify the Regulatory Authority in writing about the existence and principal features of the contract.

      Note Business day and writing are defined in the glossary.
      (2) To remove any doubt, subrule (1) (b) applies whether or not the captive insurance business is conducted through a cell or long term insurance fund that is in run-off.
      (3) In this rule:

      notifiable contract means—
      (a) a contract with a person related to the firm, other than a contract of insurance effected by the firm before going into run-off; or
      (b) a contract relating to the management of all or any of the captive insurance business in run-off; or
      (c) a contract for reinsurance of all or any of the captive insurance business in run-off; or
      (d) any other contract with a person with whom a contract of the kind mentioned in paragraph (b) or (c) was entered into or a person related to such a person.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 10.3.3 Regulatory Authority may request additional information

      (1) The Regulatory Authority may, by written notice given to a firm that has notified the authority about a notifiable contract under rule 10.3.2, require the firm to give the authority, within a stated reasonable period, additional information about the contract.
      (2) The firm must comply with the requirement.
      (3) The power given by subrule (1) is additional to the Regulatory Authority's other powers.

      Note See for example Financial Services Regulations, article 48 (Power to obtain documents and information).
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)