(a) Protected Cell Assets shall only be available to the creditors of the Company who are the creditors in respect of that Protected Cell and shall thereby be entitled, in conformity with the provisions of this subchapter, to have recourse to the Protected Cell Assets attributable to that Protected Cell, and shall be absolutely protected from the creditors of the Company who are not creditors in respect of that Protected Cell and, who accordingly, shall not be entitled to have recourse to the Protected Cell Assets attributable to that Protected Cell. Creditors of a Protected Cell shall not be entitled to have recourse against the Protected Cell Assets of other Protected Cells or the assets of the Company’s General Account.
(b) Where an obligation of a Protected Cell Company to a person arises from a transaction, or is otherwise imposed, in respect of a particular Cell, (1) that obligation of the Company shall extend only to, and the person shall, in respect of that obligation, be entitled to have recourse only to the Protected Cell Assets attributable to that Protected Cell, and (2) that obligation of the Company shall not extend to, and that person shall not, in respect of that obligation, be entitled to have recourse to the Protected Cell Assets of any other Protected Cell or the assets of the Company’s General Account.
(c) Where an obligation of a Protected Cell Company relates solely to the General Account, the obligation of the Company shall extend only to, and that creditor shall, in respect of that obligation, be entitled to have recourse only to the Company’s General Account.
(d) A Protected Cell shall only be authorized to assume an insurance obligation directly from another Protected Cell or the Company’s General Account and under no circumstances shall a Protected Cell be authorized to issue insurance policies or contracts directly to policyholders or have any obligation to the policyholders of the Company’s General Account. Nothing in this section shall affect the activities or obligations of a Company’s General Account.
(e) In no event shall the establishment of one or more Protected Cells alone constitute or be deemed to be a fraudulent conveyance, an intent by the Company to defraud creditors or the carrying out of business by the Company under any other fraudulent purpose.