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The report examines how cell captive insurance—a model where a licensed insurer creates ring-fenced cells for other organisations—can be used in sub-Saharan Africa (SSA) to bridge gaps in specialised risk cover, drive retail innovation, and facilitate market participation. It identifies four primary use cases: specialised risk management, retail innovation, insurance market participation, and the development of offshore financial centres. The document details three main regulatory models—Protected Cell Companies (PCC), Incorporated Cell Companies (ICC), and Shareholder Participation Agreements (SPA)—and provides a decision tree for regulators to determine the appropriate structure based on their policy objectives, risk transfer needs, and requirements for asset separation, capital, and governance.

The document proposes a carbon offset mechanism to allow South African firms to reduce their carbon tax liability by up to 10% of actual emissions. It establishes that only South African-based credits from projects outside the carbon tax net are eligible to avoid double counting. The paper identifies a potential national demand for offsets of up to 30 million tonnes of CO2e per annum, with a projected supply exceeding 50 million tonnes, largely driven by land-use, forestry, and renewable energy projects. It suggests an initial reliance on international standards (CDM, VCS, GS, CCBS) while proposing the medium-term development of a domestic standard managed by the Designated National Authority (DNA), supported by an independent expert committee, a national registry, and accredited third-party verifiers.