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