Protected cell definition

Protected cell means an identified pool of assets and liabilities of a protected cell company segregated and insulated as provided under this chapter from the remainder of the protected cell company’s assets and liabilities.

Protected cell means a separate account established and maintained by a sponsored captive insurance company for one participant.

Protected cell means an identified pool of assets and liabilities of a sponsored captive insurance company for one or more participants that is segregated and insulated from the remainder of the sponsored captive insurance company’s assets and liabilities as set forth in this chapter. A protected cell may be unincorporated or incorporated.

Examples of Protected cell in a sentence

• Protected cell assets must be held in the protected cell accounts for the purpose of satisfying the obligations of that protected cell.

• Protected cell assets may be used to pay interest or other consideration on any outstanding debt or other obligation attributable to that protected cell, and nothing in this subsection may be construed or interpreted to prevent a protected cell company from entering into a swap agreement or other transaction for the account of the protected cell that has the effect of guaranteeing interest or other consideration.

• Protected cell assets are only available to creditors of a protected cell company after all protected cell liabilities have been extinguished or otherwise provided for in accordance with the plan of operation relating to that protected cell.

• Protected cell assets may not be pledged or otherwise encumbered except for the benefit of creditors of that protected cell in furtherance of the securitization in accordance with the approved plan of operation.

• Protected cell insurance securitization as insurance contract; investor, underwriters and officers as conducting insurance business.

More Definitions of Protected cell

Protected cell means a separate account established by a sponsored captive insurance company formed or licensed under this [part] article in which assets are maintained for one or more participants in accordance with the terms of one or more participant contracts to fund the liability of the sponsored captive insurance company assumed on behalf of the participants as set forth in the participant contracts.

Protected cell means a segregated account established and maintained by an SPFC for 1 or more SPFC contracts that are part of a single securitization transaction as further provided for in chapter 48.

Protected cell means a separate account established by a protected cell captive company formed or authorized under this chapter in which an identified pool of assets and liabilities are segregated and insulated, as provided in section 521J.17, from the remainder of the protected cell captive company’s assets and liabilities in accordance with the terms of one or more participant contracts to fund the liability of the protected cell captive company with respect to the participants.

Protected cell means a separate account established by a

Protected cell means a separate account established by a protected cell captive insurance

Protected cell means a separate and distinct account

Protected cell means a segregated account established and maintained by a sponsored captive insurance company for 1 participant.