CIB 10.2.3 Run-off plan — Captive Insurer decides to go into run-off

(1) This Rule applies to:
(a) Captive Insurers that are in run-off or that maintain Captive Cells or Long- Term Insurance Funds that are in run-off;
(b) Captive Insurers that go into run-off or that place Captive Cells or Long-Term Insurance Funds into run-off;
(c) Captive Insurers that make a decision to go into run-off or to place a Captive Cell or Long-Term Insurance Fund into run-off; and
(d) Captive Insurers whose Financial Services Permission to effect Contracts of Insurance in respect of their entire Insurance Business or in respect of the entire business of a Captive Cell or Long-Term Insurance Fund is withdrawn by the Regulator.
(2) If a Captive Insurer takes a decision to go into run-off or to place a Captive Cell or Long-Term Insurance Fund into run-off, the Captive Insurer must, at the same time as the notice referred to in Rule 10.2.2(1), provide the Regulator with a written run-off plan in respect of the Insurance Business being placed into run-off.