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  • ES-1.17 ES-1.17 Module CI — Captive Insurers

    • ES-1.17.1

      This Module provides a summary of Rules and Guidance applicable to captive insurance firms, that are contained in the main subject Modules of Volume 3 (Insurance). Module CI (Captive Insurers) only contains Guidance material.

      Amended: January 2007

    • ES-1.17.2

      While Module CI is primarily focused for captive insurers, it contains the requirements that would need to be fulfilled by captive management firms (insurance managers), in meeting the regulatory obligations of captive insurers.

      Amended: January 2007

    • ES-1.17.3

      The Module extracts several of the rules applicable to captive insurers, and tailored to meet the unique nature of captive insurers, including:

      (a) The option to be licensed as a special purpose vehicle (SPV), specifically established to carry out the activities of a captive insurer (Module AU);
      (b) Lighter requirements with respect to high-level controls (Module HC);
      (c) Exemptions to rules in respect of due diligence requirement for client records, approval for corporate and trade names and pre-approval for distribution of dividends to shareholders (Module GR);
      (d) Capital requirements based on the type (Category C1 or Category C2 firm) of captive insurers (Module CA);
      (e) Exemptions from quarterly and group financial reporting (Module BR); and
      (f) The non-application of public disclosure requirements for captive insurers (Module PD).
      Amended: April 2011
      Amended: January 2007
      Amended: October 2007