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CIB 2.2.7 Obligation to inform Regulator of any breach of Rule 2.2

Past version: effective from 21/10/2015 - 20/10/2015
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If a Captive Insurer becomes aware, or has reasonable grounds to believe that it is or may be, or may be about to be, in breach of any provision of this Chapter, it must:

(a) tell the Regulator orally about the matter immediately but within one Business Day;
(b) by written notice given to the Regulator by no later than the next Business Day:
(i) confirm the oral notification;
(ii) explain the nature of the breach or why the Captive Insurer considers it may be (or may be about to be) in breach of the provision; and
(iii) set out the action that the Captive Insurer proposes to take about the breach or to avoid the breach; and
(c) not make any distribution to its shareholders or members, whether by way of dividends or otherwise, without the Regulator's written permission.