CIB 1.3 CIB 1.3 Classes of Captive Insurance Business
A Captive Insurer is an Authorised Person permitted under the conditions of its Financial Services Permission to carry on Captive Insurance Business as a Class 1, Class 2, Class 3 or Class 4 Captive Insurer.
An Incorporated Cell Company may carry on Captive Insurance Business through some or all of its Cells (those Cells carrying on Captive Insurance Business being a Class 1, Class 2, Class 3 or Class 4 Captive Cell, as the case may be). References to a Captive Insurer in these Rules shall be construed to include, where relevant, an Incorporated Cell Company maintaining one or more Captive Cells.
An insurer that is not incorporated in the ADGM cannot be a Captive Insurer.