• GEN 8.9 GEN 8.9 Creation of additional Cell of a Protected Cell Company or an Incorporated Cell Company for an Insurer

    • GEN 8.9.1 GEN 8.9.1

      This Rule applies to Insurers that are Protected Cell Companies or Incorporated Cell Companies.

      • Guidance

        1. An Insurer that is a Protected Cell Company is a company incorporated as, or converted into, a Protected Cell Company in accordance with the provisions of the Companies Regulations 2015.
        2. An Insurer that is an Incorporated Cell Company is a company incorporated as, or converted into, an Incorporated Cell Company in accordance with the provisions of the Companies Regulations 2015.

    • GEN 8.9.2

      A Protected Cell Company and an Incorporated Cell Company cannot be established in the ADGM without the consent of the Regulator.

    • GEN 8.9.3

      An application to the Regulator in connection with the proposed establishment of a Protected Cell Company and an Incorporated Cell Company must be made in such form, and be accompanied by such Documents, as the Regulator may from time to time prescribe.

    • GEN 8.9.4

      An Insurer that is a Protected Cell Company or an Incorporated Cell Company may not create a new Cell unless approval has been granted by the Regulator.

    • GEN 8.9.5

      An application to the Regulator for the approval for the creation of a new Cell must be made in such form as the Regulator shall prescribe, and shall be accompanied by such Documents and information and verified in such manner, as the Regulator may require.

    • GEN 8.9.6

      (1) The Regulator may:
      (a) grant approval;
      (b) grant approval with conditions or restrictions; or
      (c) refuse approval;
      for the creation of a new Cell.
      (2) The procedures in Part 21 of the FSMR apply to a decision of the Regulator under (1)(b) and (1)(c).
      (3) If the Regulator decides to exercise its power under (1)(b) and (c), the Insurer may refer the matter to the Regulatory Committee for review.