(a) The Protected Cell Assets of any Protected Cell may not be charged with liabilities arising out of any other business of the International Insurance Company that formed it or of any of the other Protected Cells that are or may be formed by that International Insurance Company. All contracts or other documentation reflecting obligations of a Protected Cell to the General Account shall clearly indicate that only the assets of the Protected Cell are available for the obligations of the Protected Cell.
(b) Unless otherwise approved by the SAM, assets attributed to a Protected Cell must be valued at their market value on the date of valuation, or if there is no readily available market, then as provided in the contract or the rules or other written agreement applicable to the Protected Cell.
(c) The income, gains and losses, realized or unrealized, from Protected Cell Assets and Protected Cell Liabilities must be credited to or charged against the Protected Cell without regard to other income, gains, or losses of the International Insurance Company that formed it, including income, gains, or losses of other Protected Cells. Amounts attributed to any Protected Cell and accumulations thereon may be invested and reinvested at the discretion of the International Insurance Company that formed it and the investments in any Protected Cell or Cells may not be taken into account in applying the investment limitations otherwise applicable to the investments of the International Insurance Company that formed it.
(d) In all cases where a Protected Cell engages in an insurance securitization or reinsurance transaction, the financial instrument or reinsurance agreement effecting such securitization or transaction shall contain provisions identifying the Protected Cell to which the securitization or transaction will be attributed. In addition, the financial instrument or reinsurance agreement shall clearly disclose that the assets of that Protected Cell are only available to pay obligations of that Protected Cell. Notwithstanding the foregoing, and subject to the provisions of this Act and any other applicable law, rule or regulation, the failure to include such language in the financial instrument or reinsurance agreement shall not be used as the sole basis by creditors, reinsurers, or other claimants to circumvent the provisions of this subchapter.
(e) At the cessation of business of a Protected Cell, and in the absence of any placement under administrative supervision or order of rehabilitation or liquidation attributable to that Protected Cell or the Protected Cell Company, the Protected Cell Company shall voluntarily wind up the Protected Cell in accordance with a plan approved by the SAM.