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Dubai Financial Services Authority (DFSA): Contents

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  Versions
(1 version)
 
Oct 1 2007 onwards

PIN 5.8.2 Guidance



Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

In considering:

a. whether to grant such a waiver; and
b. the amount which the DFSAG will allow the InsurerG to bring into account for these purposes;

the DFSAG will take into account the following factors:

c. where the ISPVG is an Authorised ISPVG , the DFSAG will wish to be satisfied that the ISPVG complies with PIN Rules 10.1.2 to 10.1.7 The DFSAG may rely on information supplied in connection with the ISPV'sG application for authorisation. However, if the application for a waiver is made after authorisation has been granted, the DFSAG may request confirmation that there has been no material change to the information originally supplied;
d. where the ISPVG is not authorised, the DFSAG will expect to receive confirmation that the ISPVG is subject to regulation by a Financial Services RegulatorG in a jurisdiction acceptable to the DFSAG . In addition, it will need details of the debt issuance or other financing mechanism by which the ISPV'sG reinsurance liabilities are funded. The DFSAG will also expect to receive information about the ISPV'sG key management and control functions, including details of the ISPV'sG auditors and arrangements for claims handling, and any material outsourcing agreements. The DFSAG will also need information about the structure of any GroupG of which the ISPVG is a member;
e. no credit will be allowed for a contract of reinsurance with an ISPVG unless there is an effective transfer of risk to the ISPVG . The DFSAG will require evidence of such transfer.
f. the DFSAG will also expect to receive an analysis of the potential for risk to revert to the InsurerG or any of its associates under realistic adverse scenarios or for liabilities to arise in respect of the risks transferred for which no provision has been made.

[Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]