Captain Smiley... in PNG, we use it a little differently to all the descriptions posted so far on this thread. We have many airports where terrain is so closely adjacent, that a conventional runway-aligned or even circling procedure cannot be used. We thus came up with the definition that any approach that has to terminate outside a circling area would be termed "Cloudbreak".
The aircraft may or may not be pointing toward the airport at the MAPt and, indeed, the airport may not even be anywhere in sight at that point. Pilots need to do their homework before flying such an approach here and there is no substitute for a good working knowledge of the airport and its surrounding features.
These approaches are not employed at airports that are designated as ports of entry (ie international airports). To fly any instrument approach in PNG, the pilot must hold an instrument rating issued, or recognised, by PNG CAA. There is no such thing here as an enroute instrument rating.
Other countries may or may not treat Cloudbreaks the same way.