The purpose of this subchapter is to provide a basis for the creation of protected cells by an Exempt International Insurer for one or more of the following uses: (a) As one means of accessing alternative sources of capital and alternative vehicles for insurance programs; (b) For providing some or all of the benefits of […]
As used in this Subchapter: (a) “Commissioner” means the Commissioner of Insurance. (b) “Company” means Protected Cell Company. (c) “General Account” means the assets and liabilities of a protected cell company other than Protected Cell Assets and Protected Cell Liabilities. (d) “International Insurance Company” means an insurance company established under the provisions of this chapter. […]
(a) An International Insurance Company may establish one or more protected cells with prior written approval of the SAM of a plan of operation for each protected cell and either: (1) by the allocation of one or more shares in the International Insurance Company to the owners of the cell. Such shares may be, or […]
(a) The Protected Cell Assets of any Protected Cell may not be charged with liabilities arising out of any other business of the International Insurance Company that formed it or of any of the other Protected Cells that are or may be formed by that International Insurance Company. All contracts or other documentation reflecting obligations […]
(a) Protected Cell Assets shall only be available to the creditors of the Company who are the creditors in respect of that Protected Cell and shall thereby be entitled, in conformity with the provisions of this subchapter, to have recourse to the Protected Cell Assets attributable to that Protected Cell, and shall be absolutely protected […]
(a) Notwithstanding any contrary provision of this title, the rules and regulations promulgated thereunder, or any other applicable law or regulation, upon any order of conservation, rehabilitation, or liquidation of a Protected Cell Company, the receiver shall be bound to deal with the Protected Cell Company’s assets and liabilities, including Protected Cell Assets and Protected […]
The SAM may promulgate rules and regulations necessary to effectuate the purposes of this Act.
