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GR-8.1.4

Insurance licensees seeking to obtain the CBB's permission to cease business must apply to the CBB in writing, in the form of a covering letter together with any supporting attachments. Unless otherwise directed by the CBB, the following requirements must be provided in support of the request:

(a) Full details of the business to be terminated;
(b) The rationale for the cessation;
(c) If applicable, an assessment of the impact of the cessation on any customers directly affected by the cessation, and any mitigating factors or measures;
(d) If applicable, an assessment of the impact of the cessation on the licensee's remaining business and customers, and any mitigating factors or measures;
(e) Evidence that the proposed cessation has been duly authorised by the licensee (such as a certified copy of a Board resolution approving the cessation);
(f) How the licensee proposes to cease business;
(g) Notice of an Extraordinary Meeting setting out the agenda to discuss and approve the cessation, and inviting the CBB for such meeting;
(h) Formal request to the CBB for the appointment of a liquidator acceptable to the CBB;
(i) A cut-off date by which the licensee will stop its operations;
(j) If the insurance licensee wishes to cease its whole business, confirmation that the licensee will not enter into new business with effect from the cut-off date;
(k) The audited accounts of the licensee as of the last date on which it stopped operations. The commencement of the period covering these final accounts should be the beginning of the financial year of the licensee; and
(l) The final liquidator's report of the licensee.
Amended: October 2011
Adopted: July 2007