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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Insurance Business Module (PIN) [VER15/01-18]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
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Financial Markets Tribunal
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  • PIN A10.4.8

    Where an InsurerG arranges its affairs such that a CellG or Long-Term Insurance FundG maintained by it pays or receives income in the form of interest, dividends, rental, recharge of management expenses or other investment income, from another reporting unit of the Insurer, that income must be shown gross as an expense in the reporting unit bearing the expense, and as income in the reporting unit receiving the income. Where, however, the same reporting unit records the income and the expense, the two must be netted.

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

    • PIN A10.4.8 Guidance

      This RuleG establishes accounting policy in respect of transactions between reporting units. Internal recharges within an InsurerG should be shown as such where they are external to a reporting unit of that InsurerG . However, where a reporting unit (for example, the Global ReturnG of an InsurerG that is not a Protected Cell CompanyG , and that maintains one or more Long-Term Insurance FundsG ) includes both 'sides' of the internal transaction, the internal transaction must be eliminated by netting the income and expense.

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]