means—
| (a) | in respect of a captive insurer, the operational risks of— |
| (i) | the group of companies of which the insurer is a part; |
| (ii) | any associate of a company that is part of the group of companies referred to in subparagraph (i); or |
| (iii) | any joint arrangement that a company that is part of the group of companies referred to in subparagraph (i) participates in; |
| (b) | in respect of a cell captive insurer, the operational risks of the cell owner and the operational risks of— |
| (i) | the group of companies of which the cell owner is a part; |
| (ii) | any associate of a company that is part of the group of companies referred to in subparagraph (i); or |
| (iii) | any joint arrangement that a company that is part of the group of companies referred to in subparagraph (i) participates in; |