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approved reinsurance to close

  1. 11(a) a reinsurance to close effected before 1 January 2005; or
  2. 11(b) an agreement under which members of a syndicate in one syndicate year ("the reinsured members") agree with the members of that syndicate in a later syndicate year or the members of another syndicate ("the reinsuring members") that the reinsuring members will discharge, or procure the discharge of, or indemnify the reinsured members against, all known and unknown insurance business liabilities of the reinsured members arising out of the insurance business carried on by the reinsured members in that syndicate year that is:
    1. (i) effected after 1 January 2005; and
    2. (ii) not a balance transfer between two syndicate years where the syndicate has only one member and the member is the same in each of those years.