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Consultative Document - Incorporated Cell Companies Bill 2008 25 April 2008

The Insurance and Pensions Authority has released a consultative draft of the Incorporated Cell Companies Bill 2008 and invites comments from interested parties. A consultative document on the matter, which includes a copy of the draft Bill, is available for download from the Authority’s website here.

The purpose of the Bill is to provide a legislative framework for the establishment and operation of Incorporated Cell Companies to undertake insurance business. This is in addition to existing provisions for Protected Cell Companies under the Protected Cell Companies Act 2004.

Regulations will be developed which, when made by Treasury, will give full effect to the Act in relation to insurance entities. Additional regulations may subsequently extend the provisions of the Bill to non-insurance entities.

The IPA invites comments on the Bill by 30th May 2008, though earlier submission would be welcome. The Authority will seek to respond to any comments or questions as soon as is practicable following their receipt.

Contact details for responses or queries are included within the consultative document.

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