S.L. 386.13 Art. 17Directors’ report. Cap. 403. Cap. 403. S.L. 403.15

In addition to the requirements of article 177 of the Act, incorporated cell company shall be dissolved and wound up in accordance with article 41 of the Insurance Business Act and regulations made thereunder.

(2) Without prejudice to article 41 of the Insurance Business

Act and regulations made thereunder, an incorporated cell company that has been dissolved and wound up shall not be struck off the register until each of its incorporated cells have been either -

(a) transformed into non-cellular companies in accordance with regulation 22; or

(b) relocated to another incorporated cell company under regulation 23; or

(c) expelled under regulation 24; or

(d) continued as a body corporate under the law of another jurisdiction under regulation 3; or

(e) struck-off, and the Registrar has obtained the consent of the competent authority.

(3) The provisions contained in the Insurance Business (Reorganisation and Winding up of Insurance Undertakings) Regulations shall apply to the dissolution and winding up of the incorporated cell company and incorporated cells.