CIB 1.6 Class 3 Captive Insurer

A Class 3 Captive Insurer is a Captive Insurer that:

(a) is permitted under the conditions of its Financial Services Permission to effect or carry out Contracts of Insurance only for risks related to or arising out of the business or operations of persons who engage in similar, related or common: (i) business; (ii) activities; (iii) trade; (iv) services; or (v) operations; and
(b) is owned by the persons mentioned in paragraph (a) or by a Body Corporate of which all such persons are members.