Class 3 Captive Insurer

A DIFC Incorporated Insurer which is:

(a) permitted under the conditions of its licence to effect or carry out Contracts of Insurance only in respect of risks related to or arising out of the business or operations of persons who engage in similar, related or common:
(i) businesses;
(ii) activities;
(iii) trade;
(iv) services; or
(v) operations;
including for this purpose only contracts of reinsurance in respect of such risks insured by the cedant, and
(b) owned by such Persons or by a Body Corporate of which all such Persons are members.
[Added] DFSA RM14/2004 (as from 15th October 2004). [VER2/10-04]