S.L. 386.10 Art. 3Cell companies.

(1) Subject to the provisions of these regulations:

(a) a company may be formed or constituted as a cell company to carry on business of insurance; or

(b) a company carrying on business of insurance may be converted, if so authorised by its memorandum and articles of association, into a cell company.

(2) Notwithstanding that a cell company may have created one or more cells:

(a) a cell company is a single legal person; and

(b) the creation by a cell company of a cell does not create, in respect of that cell, a legal person separate from the company.

(3) Save as otherwise provided for by these regulations, the provisions of the Act, the Insurance Business Act and the Insurance

Distribution Act, as the case may be, shall apply to a cell company: Provided that, in so far as the provisions of the Act are inconsistent with the provisions of the Insurance Business Act and the Insurance Distribution Act, as the case may be, the provisions of the Insurance Business Act and the Insurance Distribution Act shall prevail and the provisions of the Act shall, to the extent of the inconsistency, not apply to a cell company.