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Section 233 Treatment of protected cell companies

United Kingdom

(1)

For the purposes of this Part—

(a)

a protected cell company is not to be regarded as an entity, and

(b)

each part of a protected cell company is to be treated as an entity distinct from the others.

(2)

Accordingly—

(a)

the fact an entity is a part of a protected cell company is irrelevant to determining whether it is a member of a consolidated group, and

(b)

the accounts of the protected cell company are not to be regarded as consolidated financial statements.

(3)

In this Part—

  • “protected cell company” means a protected cell company incorporated under Part 4 of the Risk Transformation Regulations 2017 (S.I. 2017/1212);

  • a “part” of a protected cell company means its core or a cell of the company;

  • “core” and “cell” have the meaning they have in those regulations.