Protected Cell Company
The Protected Cell Company or PCC (from English protected cell : "protected cell") is a legal person that consists of a core and any number of independent cells.
A corporate version of the PCC is the Incorporated Cell Company or ICC (from English incorporated cell : "registered cell"). With this type of company, both the core and any number of cells are separate legal entities .
These types of company are particularly suitable for self - insurance of medium - sized companies, which are offered an alternative to the rent-a-captive concept.
Properties and special features
The majority of these companies - serving the purpose of self-insurance - have acquired a reinsurance license. As a characteristic feature, the assets assigned to the individual cells are legally isolated from each other and thus protected. In no event shall a cell be liable for any third party claims against another cell. Believers of a certain cell can only access the funds of the cell concerned. On the other hand, the creditor of a cell basically has the option of being harmless by liquidating core assets.
These characteristics make Protected Cell Companies suitable as a captive facility for multiple, independent customers. With the combination of the independence of self-insurance via the cells and the joint processing of costs and capitalization via the shell company , Protected Cell Companies combine the advantages of a captive with those of a rent-a-captive and represent a further development within the alternative risk financing .
The first approval of a Protected Cell Company took place on February 1, 1997 on the British Channel Island of Guernsey . Today u know a. the jurisdictions of Gibraltar , Malta , Jersey , Belize , the Bahamas and Vermont use this form of company.
The legal requirements for the approval of Incorporated Cell Companies took place for the first time in February 2006 in Jersey. a. in Guernsey, Malta and St. Lucia .
Swiss law
In its current form, Swiss law precludes the establishment of protected cell companies. The Company Law does not provide for structures that would make it possible to create within a society different, distinct asset positions and issue shares only in this. It is not to be expected that the numerus clausus of company forms will be broken here in this country and that company law will be expanded to include that of the protected cell company.
Liechtenstein law
The Principality of Liechtenstein regulates the Protected Cell Companies in Art. 243 ff of the Personal and Company Law (PGR). PCC can be entered in the commercial register since January 1st, 2015 . The relevant preparatory work by the government of the Principality of Liechtenstein has been ongoing since 2013.
A segmented association person must either contain the suffix "Segmentierte Verbandsperson" or the abbreviation "SV" or the suffix "Protected Cell Company" or the abbreviation "PCC" in the company name (Art 243b PGR). PCC may only pursue the following purposes (Art 243 PGR):
- non-profit or charitable purposes within the meaning of Art. 107 Para. 4a PGR;
- Acquisition, administration and exploitation of shares in other companies (subsidiaries);
- Exploitation of copyrights, patents, trademarks, designs or models;
- Deposit guarantee and investor protection systems in accordance with the applicable EEA legal provisions.
For the relationship between the segmented association person and the individual segment assets, the provisions on trusteeships in accordance with Art. 897 ff. PGR apply mutatis mutandis, unless otherwise regulated in the law or the statutes (Art 243d PGR).
Special regulation regarding the liability of the SV in Art. 243f Para. 1 PGR: " A segmented association person has to inform third parties with whom they come into legal contact in writing about their status as a segmented association person when entering into contract negotiations subordinate liability of the culpable body to the contractual partner to designate the segment with whose assets the segmented association person is liable for the relevant legal relationship. If the core assets are liable, this must also be pointed out accordingly. "
See also
literature
- 2011 Cell Company Guide, Published by Captive Review ( PDF )
- International Association of Insurance Supervisors (IAIS), Issues papers on regulation and supervision of captive insurance companies, October 2006, Appendix 2 (39 ff.), PDF
- C. Pisani, Malta location: Protected Cell Companies, VW 2011, 468 ( [1] ; PDF; 680 kB)
- C. Pisani, Protected Cell Companies - an alternative to traditional insurance solutions, VP 2011, 117 ( PDF )
- Wagner (Ed.), Gabler Versicherungslexikon, 2011, Entry Captive (Re) insruance 3 e) Protected-Cell / Segregated Cell Captive
- P. Wöhrmann, Ch.Bürer: Instrument of alternative risk financing for Swiss insurance companies, 7 - 2001 ( PDF )
Individual evidence
- ↑ Amendment of personal and company law (PGR) by LGBl. 362/2014.
- ↑ Segmented Association Person / Protected Cell Company (PCC) - Statement from the government to the state parliament