1. This appendix sets out how an Insurer that is a Protected Cell Company is required to calculate its Minimum Non-Cellular Capital Requirement and the Minimum Cellular Capital Requirement applicable to each Cell.

2. The Minimum Non-Cellular Capital Requirement and the Minimum Cellular Capital Requirement are calculated on a basis that is analogous to the basis of calculation of the Minimum Capital Requirement for Insurers that are not Protected Cell Companies, as set out in PIN App4. This appendix therefore incorporates references to the provisions of PIN App4.

3. The calculation of the Minimum Non-Cellular Capital Requirement takes into account only Non-Cellular Assets and Non-Cellular Liabilities, while the Minimum Cellular Capital Requirement in respect of a Cell takes into account only Cellular Assets of that Cell and Cellular Liabilities of the same Cell.

4. The methods of calculation for the Minimum Non-Cellular Capital Requirement and the Minimum Cellular Capital Requirement in respect of a Cell are identical, so the term Minimum Segmental Capital Requirement is used to refer to both. Similarly, the term 'segment' is used in this appendix to refer to both a Cell and the non-cellular part of an Insurer.