"first party risks"

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;