“protected cell company” means any entity incorporated, established or formed, whether by way of conversion or otherwise, in terms of any law of any country other than the Republic-

 

(a)     if the principal trading activities of that entity constitute the business of an insurer; and

 

(b)     where that law makes provision for-

 

(i)      the segregation of specified assets of that entity into structurally independent cells or segregated accounts;

 

(ii)     the linking or attribution of specified assets and liabilities to those cells or segregated accounts; or

 

(iii)    separate participation rights in respect of each such cell or segregated account,

 

irrespective of whether or not that law provides that the establishment or formation of a cell or segregated account creates a legal person distinct from that entity.