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)