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GR-8.1.4

Insurance licenseesG 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 customersG 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'sG remaining business and customersG , and any mitigating factors or measures;
(e) Evidence that the proposed cessation has been duly authorised by the licenseeG (such as a certified copy of a Board resolution approving the cessation);
(f) How the licenseeG 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 licenseeG will stop its operations;
(j) If the insurance licenseeG wishes to cease its whole business, confirmation that the licenseeG will not enter into new business with effect from the cut-off date;
(k) The audited accounts of the licenseeG 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 licenseeG ; and
(l) The final liquidator's report of the licenseeG .
Amended: October 2011
Adopted: July 2007
 Versions
(2 Versions)
 
Jul 1 2007 - Sep 30 2011Oct 1 2011 onwards
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