CAPI 10.2.2 Application of div 10.2.B

This division applies to a firm that is a QFC captive insurer if the firm—

(a) goes into, or is in, run-off or maintains a cell or long term insurance fund that is in run-off; or
(b) makes a decision to go into run-off or to place a cell or long term insurance fund into run-off; or
(c) has its 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entire captive insurance business, or for the entire captive insurance business of a cell or long term insurance fund, withdrawn by the Regulatory Authority.

Note 1 An event or decision mentioned in this rule is a material change for purposes of rule 2.3.6 (Strategy and risk document — review by firm) and the firm must review and amend its strategy and risk document.

Note 2 Any material amendment to a firm's strategy and risk document must be approved by its governing body (see rule 2.3.5 (1)).

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