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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Prudential — Insurance Business Module (PIN) [VER15/01-18]
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  • PIN A10.2 Completion of forms for global, cell, fund and DIFC business reporting units

    • PIN A10.2 Guidance

      Separate ReturnsG are completed for Insurers'G entire business, and for those parts of the business that are subject to separate capital adequacy requirements, namely CellsG , Long-Term Insurance FundsG , and DIFCG business. These parts, and the entire business, are described as ‘reporting units’ because a ReturnG is required for each. An InsurerG may therefore have to submit more than one set of ReturnsG .

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

    • PIN A10.2.1

      A ReturnG must be completed in respect of each of the reporting units set out in this section that applies to the InsurerG .

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

    • PIN A10.2.2

      There are four types of reporting units in respect of which an InsurerG may be required to submit a ReturnG . These are referred to in this appendix and the forms as the global reporting unit, the CellG reporting unit, the fund reporting unit and the DIFCG business reporting unit. The ReturnsG in respect of these reporting units are referred to respectively in this appendix and the forms as the Global ReturnG , the Cell ReturnG , the Fund ReturnG and the DIFC Business ReturnG .

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

    • PIN A10.2.3

      Every InsurerG that is required by PIN chapter 6 to complete a ReturnG must complete a Global ReturnG . A Global ReturnG has the following characteristics:

      (a) Subject to (b), a Global ReturnG includes all of the assets, liabilities, equity, revenues and expenses of the InsurerG , regardless of the residency status or location of the Insurer, of the customer or of any asset or liability.
      (b) The Global ReturnG of a Protected Cell CompanyG does not include any assets, liabilities, equity, revenues or expenses that are attributable to a CellG .
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

    • PIN A10.2.4

      Except as provided otherwise in this appendix, an InsurerG that is a Protected Cell CompanyG must complete a Cell ReturnG in respect of each CellG that it maintains. A Cell ReturnG includes all of the assets, liabilities, equity, revenues and expenses attributable to the CellG , regardless of the residency status or location of the customer or of any asset or liability. An InsurerG to which this Rule applies is not required to complete a Quarterly Regulatory ReturnG in respect of any CellsG maintained by it that are Captive CellsG .

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

    • PIN A10.2.5

      Except as provided otherwise in this appendix, an InsurerG that maintains a Long-Term Insurance FundG must complete a Fund ReturnG in respect of each Long-Term Insurance FundG that it maintains. A Fund ReturnG includes all of the assets, liabilities, revenues and expenses attributable to the fund, regardless of the residency status or location of the customer or of any asset or liability. An InsurerG to which this Rule applies is not required to complete a Fund ReturnG in the following cases:

      (a) where the InsurerG is deemed to constitute a single, Long-Term Insurance FundG , such that the information contained in the Fund ReturnG would be identical to that in the Global ReturnG ; and
      (b) where a CellG of the InsurerG is deemed to constitute a single, Long-Term Insurance FundG , such that the information contained in the Fund ReturnG would be identical to that in the Cell ReturnG .
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN A10.2.5 Guidance

        PIN A10.2.5 operates to prevent the preparation of duplicate ReturnsG . However, where under this section an InsurerG or a CellG is exempt from the requirement to prepare a Quarterly Regulatory ReturnG because of its captive status, the fund Quarterly Regulatory ReturnG would not be identical and must still be prepared.

        Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

    • PIN A10.2.6

      An InsurerG that is not a DIFC Incorporated InsurerG must complete a DIFC Business ReturnG . A DIFC Business ReturnG has the following characteristics:

      (a) it includes only liabilities that are Insurance LiabilitiesG of the InsurerG in respect of its DIFCG Insurance BusinessG and assets that are associated with those Insurance LiabilitiesG ; and
      (b) revenues and expenses must be included only to the extent that they are attributable to the Insurer'sG DIFC Insurance BusinessG .
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

      • PIN A10.2.6 Guidance

        The assets that are associated with Insurance LiabilitiesG normally include only reinsurance and other recoveries in respect of claims, whether or not incurred, included in Insurance LiabilitiesG . The DIFC Business ReturnG does not include assets such as investments, fixed assets, or receivables other than reinsurance recoveries in respect of Insurance LiabilitiesG .

        Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]