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Dubai Financial Services Authority (DFSA): Contents

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Prudential — Insurance Business Module (PIN) [VER15/01-18]
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Up to Jul 4 2007Jul 5 2007 onwards

PIN 7.3.6

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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.

This report must provide details of, in respect of each Class of BusinessG :

(a) the product range;
(b) any discretionary charges and benefits, options and guarantees, and reversionary bonus entitlements, where such features are included in a product;
(c) reinsurance arrangements;
(d) significant aspects of the recent experience of the InsurerG , including, where relevant, a commentary on significant deviations of actual experience compared to the assumptions made in the previous valuation;
(e) the Actuary'sG estimate of the value of Long-Term Insurance LiabilitiesG , determined in accordance with PIN chapter 5;
(f) the method and assumptions used by the ActuaryG in the valuation process, including, where relevant, a commentary on significant differences between the assumptions used and recent actual experience of the InsurerG ;
(g) any expense reserves, mismatching reserves and any other special reserves included by the ActuaryG in the value of the Long-Term Insurance LiabilitiesG , or recommended by the ActuaryG to be maintained, although not included in the valuation;
(h) a determination of the value of surplus in the Long-Term Insurance FundG , before any distribution of such surplus;
(i) a description of the Invested AssetsG used to determine the risk-adjusted yield on which the discount rate used in the valuation was based;
(j) the adequacy and appropriateness of data made available to the ActuaryG by the InsurerG ;
(k) procedures undertaken by the ActuaryG to assess the reliability of the data;
(l) the model or models used by the ActuaryG ;
(m) the approach taken to estimate the variability of the estimate;
(n) the sensitivity analyses undertaken;
(o) any significant changes to the matters reported on during the period since the previous valuation, including, in the case of the matters referred to in (f), and otherwise, where relevant, an estimate of the effect of these changes on the Long-Term Insurance LiabilitiesG as at the Reference DateG ; and
(p) commentary on any other factors affecting the valuation.
Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
[Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]