Exemption from section 31 (1) (b ) of Act
21.—(1)  Subject to paragraph (2), section 31(1)(b) of the Act shall not apply to any captive insurer.
(2)  Paragraph (1) shall only apply if the captive insurer —
(a)notifies the Authority of the appointment of any new director and any change in the appointment of its existing directors as soon as practicable after the appointment or change of appointment, as the case may be; and
(b)provides the Authority with such information relating to the appointment or change of appointment as the Authority may require.