Protected cell companies only to be incorporated with the consent of the Minister

(1) A company may not be incorporated under this Act as a protected cell company, and an existing company may not be converted into a protected cell company, except under the authority of and in accordance with the terms and conditions of the written consent of the Minister, which shall only be granted in the case of a company, (a) which is declared (or which will, when incorporated, be declared) by the Minister to be an authorised fund in accordance with the Mutual Funds Act, Cap. 268, or any statutory regulatory authority governing mutual funds of any other country or jurisdiction; and 10 (b) which is registered (or which will, when incorporated, be registered) as an insurer in accordance with the International Insurance Act, Cap.269. (2) The Minister may, from time to time, and in such manner as he thinks fit, (a) vary or revoke any term or condition subject to which a consent under subsection (1) of this section was granted; and (b) impose any new term or condition in relation to any such consent.