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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 A10.4 General provisions relating to the completion of forms

    • PIN A10.4 Guidance

      Annual Regulatory ReturnsG follow the cycle of the Insurer'sG normal statutory reporting, under the Companies Law 2004 in the DIFCG and under equivalent legislation elsewhere. Quarterly Regulatory ReturnsG are presented on a year to date basis at specified dates.

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

    • PIN A10.4.1

      Supplementary NotesG must be in accordance with any instructions provided through the DFSA'sG electronic prudential reporting system or specified in PRU. Each Supplementary NoteG must identify the form to which it relates.

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

    • PIN A10.4.2

      ReturnsG must be presented in the English language.

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

    • PIN A10.4.3

      A ReturnG must be presented in United States currency, rounded to thousands of dollars, with no decimal place except where these RulesG or the relevant instructional guidelines require otherwise.

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN A10.4.4

      Where the format of a form requires the presentation of comparative information, the comparative information shall be presented according to the following principles:

      (a) In the case of a form forming part of the Annual Regulatory ReturnG , the comparative information shall be that presented in the Annual Regulatory ReturnG for the previous reporting period.
      (b) In the case of a form forming part of the Quarterly Regulatory ReturnG , the comparative information shall be that presented in the Quarterly Regulatory ReturnG for the corresponding quarter in the previous calendar year.
      (c) Comparative information shall be presented unless:
      (i) the InsurerG did not exist at any time during the comparative period (whether or not it was an InsurerG );
      (ii) in the case of a Cell ReturnG or a Fund ReturnG , the CellG or Long-Term Insurance FundG to which the ReturnG relates did not exist at any time during the comparative period; or
      (iii) so far only as concerns the DIFC Business ReturnG , in the case of an Insurer that is not a DIFC Incorporated InsurerG , the InsurerG was not at any time an InsurerG during the comparative period.
      (d) An InsurerG that is required to present comparative information in a ReturnG , and that was not required to prepare a ReturnG in respect of the comparative period, must present comparative information that would have been presented in the ReturnG covering the comparative period, if the InsurerG had been required to prepare that ReturnG .
      (e) Comparative information shall not be changed from the time it was first presented, unless re-presentation is necessary for the interpretation of the ReturnG . Where comparative information is changed, the Insurer must include in the ReturnG a Supplementary NoteG showing the nature of the change and the reason for it.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

    • PIN A10.4.5

      The Annual Regulatory ReturnG , including the Statement by DirectorsG , is subject to audit, except where this appendix or the form instruction guidelines states that a form is not subject to audit.

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

    • PIN A10.4.6

      Each page of the Statement by DirectorsG must show:

      (a) the words 'Annual Regulatory ReturnG ' or 'Quarterly Regulatory ReturnG ', as applicable;
      (b) [Deleted]
      (c) the Insurer'sG licence number;
      (d) the Insurer'sG name;
      (e) the reporting period to which the ReturnG relates;
      (f) whether the ReturnG is a global, CellG , FundG or DIFC Business ReturnG ; and
      (g) where the return relates to a CellG or a Long-term Insurance FundG , sufficient information to identify the CellG or Long-term Insurance FundG in question.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

    • PIN A10.4.7

      Where this appendix or the form requires information to be presented for different Classes of BusinessG or for different types of insurance contract (for example, direct insurance, facultative reinsurance, proportional reinsurance treaty and non-proportional reinsurance treaty), an InsurerG required to complete the form must present the relevant information in respect of all Classes of BusinessG and types of contract, except under the following circumstances so far as concerns businesses other than Direct Long Term Insurance BusinessG of a DIFC Incorporated InsurerG :

      (a) Where an item of numerical information in respect of a Class of BusinessG for a type of insurance contract is less than two per cent of the total such numerical information in respect of all Classes of BusinessG for that type of insurance contract, the InsurerG may aggregate that numerical information for that Class of BusinessG for that type of insurance contract with the same item of information for the Class of BusinessG for that type of contract in which that item of information is the largest.
      (b) Where an item of numerical information in respect of a type of insurance contract for a Class of BusinessG is less than two per cent of the total such numerical information in respect of all types of insurance contract for that Class of BusinessG , the InsurerG may aggregate that numerical information for that type of insurance contract for that Class of BusinessG with the same item of information for the type of insurance contract for that Class of BusinessG in which that item of information is the largest.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

      • PIN A10.4.7 Guidance

        This RuleG establishes de minimis limits for an Insurer in respect of detailed numerical information presented by Class of BusinessG or by type of insurance contract. These de minimis limits do not apply for Direct Long-Term Insurance BusinessG carried on by a DIFC Incorporated InsurerG . Amounts below the de minimis limits may be aggregated together with other items of information in the same line or column of a form. InsurersG are not required to apply the sub-sections in the order that they are set out. However, InsurersG should ensure that the ReturnsG continue to comply with both sub-sections after applying either. It is possible that applying the second sub-section to be applied could affect compliance with the first.

        Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
        [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

    • 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]