CAPI 10.4.1 Firms not to make distribution
(1) A firm that is a QFC captive insurer in run-off must not make, without the written consent of the Regulatory Authority—
(a) any distribution to shareholders or members of the firm, whether by way of dividends or otherwise; or
(b) any payment of management fees.
(2) A distribution or payment of management fees must be made within the period, if any, stated in the written consent given by the Regulatory Authority.
(3) Subrule (1) (b) does not apply to management fees payable under a notifiable contract under rule 10.3.2.
|Derived from QFCRA RM/2011-1 (as from 1st July 2011)|