CAPI 8.2.2 Firm a protected cell company

A QFC captive insurer that is a protected cell company must, before it effects long term insurance contracts through a cell—

(a) establish and maintain, for the cell, 1 or more long term insurance funds; or
(b) give written notice to the Regulatory Authority that the cell is to be taken to constitute a single long term insurance fund.

Note 1 Under rule 5.1.4, a QFC captive insurer that is a protected cell company must ensure that, when it conducts captive insurance business, each contract of insurance is attributable to a particular cell of the QFC captive insurer.

Note 2 Cell is defined in the glossary.

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