The PCC Regulations provide that insurance companies, including captives and reinsurers, insurance brokers and insurance managers licensed by the MFSA may be either constituted or converted into a cell company provided it has sought and obtained written approval of the MFSA. The key benefit of the PCC model is that a promoter may write insurance business through a cell without having to comply with the own funds requirements by effectively utilising the cell company’s core capital as its own.
A PCC regime regulated by an EU member state causes material difference in the way a PCC is managed. An EU-regulated PCC is that insurance undertaking which assures sophisticated executive infrastructures and, ultimately, Common Market benefits.
Main Features of the PCC Regulations