CAPI 4.1.5 Certain events to be notified to the Regulatory Authority

(1) This rule applies if—
(a) a firm has an outsourcing agreement with a captive insurance manager (the old agreement); and
(b) either—
(i) the captive insurance manager becomes insolvent; or
(ii) the captive insurance manager ceases to be authorised in the QFC; or
(iii) the old agreement is terminated or otherwise ceases.

Example

a firm may decide to terminate an outsourcing agreement because it wants to manage itself
(2) A firm must immediately tell the Regulatory Authority, in writing, about the occurrence of any of the matters in subrule (1) (b).

Note Writing is defined in the glossary.
(3) Unless a firm decides to manage itself, the firm must select another captive insurance manager and enter into a new outsourcing agreement with the new captive insurance manager—
(a) before the old agreement ceases; or
(b) if the old agreement has ceased—as soon as possible after the date the old agreement ceased.
Derived from QFCRA RM/2011-1 (as from 1st July 2011)