CAPI 10.2.5 Run-off plan — Regulatory Authority withdraws firm's authorisation
(1) This rule applies if the Regulatory Authority withdraws a firm's authorisation to effect contracts of insurance for—
(a) its entire captive insurance business; or
(b) the entire captive insurance business of a cell or long term insurance fund.
(2) A firm must give the Regulatory Authority a written run-off plan for the captive insurance business of the firm, cell or long term insurance fund.
(3) The run-off plan must be given within 28 days after the firm receives the notice of withdrawal of the authorisation unless the notice specifies a longer period.
|Derived from QFCRA RM/2011-1 (as from 1st July 2011)|