Where a captive insurer transfers its portfolio to a third party, prior written approval from the BMA is required. Where all the policyholders affected by the transfer have given their consent in advance, then the disclosure requirements in GR-4.2.1 do not apply. The BMA may waive some or all of the requirements in GR-4.2 where, in its opinion, they are not necessary in order to protect the interests of policyholders.