• CIB 10.1 CIB 10.1 General provisions

    • CIB 10.1.1 Terms and concepts relating to run-offs

      (1) For the purposes of this Chapter, in determining whether a Captive Insurer is effecting Contracts of Insurance, or has ceased to effect Contracts of Insurance, including Contracts of Insurance effected through a Captive Cell or Long-Term Insurance Fund, Contracts of Insurance effected under a term of an existing Contract of Insurance shall be disregarded.
      (2) In this Chapter:
      (a) a Captive Insurer in run-off means a Captive Insurer that has ceased to effect Contracts of Insurance in respect of the whole of its Insurance Business, and a Captive Cell in run-off and a Long-Term Insurance Fund in run-off are to be construed accordingly; and
      (b) going into run-off or placing Insurance Business into run-off means ceasing to effect Contracts of Insurance, and placing a Captive Cell or a Long-Term Insurance Fund into run-off are to be construed accordingly.