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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 6.6 Reporting of group capital adequacy

    • PIN 6.6.1

      An InsurerG must, at the end of each reporting period and at the mid-point of each reporting period, prepare a report on the Financial GroupG capital adequacy of any Financial GroupG of which it is a member and in respect of which it is required by PIN Chapter 8 to calculate Financial Group Capital RequirementsG and Financial Group Capital ResourcesG . This ReportG shall be known as the Financial Group Capital Adequacy ReportG .

      [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 6.6.2

      (1) The Financial Group Capital Adequacy ReportG must be filed in writing by the Insurer with the DFSA:
      (a) within four months of the Insurer'sG reporting date in the case of a report at the end of a reporting period; or
      (b) within one month of the Insurer'sG mid-year date in the case of a report at the mid-point of a reporting period.
      (2) The Financial Group Capital Adequacy ReportG must state:
      (a) the name of the InsurerG ;
      (b) the reference date of the report;
      (c) the name, location and activity of the ParentG entity of the Financial Group in respect of which the report is made;
      (d) the Financial Group Capital ResourcesG , calculated in accordance with PIN Rule 8.3.4;
      (e) the Financial Group Capital RequirementG , calculated in accordance with PIN Rule 8.3.3;
      (f) the amount of surplus or deficit, expressed as the amount in (d) minus the amount in (e);
      (g) a list of all Authorised FirmsG and Financial InstitutionsG in the Financial GroupG ;
      (h) if any Authorised FirmG in the Financial GroupG is itself a ParentG , the items referred to in (d), (e) and (f) in respect of the Financial GroupG headed by that Authorised FirmG ; and
      (i) particulars of any Authorised FirmG or Financial InstitutionG in the Financial GroupG in respect of which the capital requirement calculated in accordance with PIN Rule 8.3.3 exceeds its Capital ResourcesG or Adjusted Capital ResourcesG calculated in accordance with PIN Rule 8.3.4(1)(b).
      (3) Amounts in the Financial Group Capital Adequacy ReportG must be expressed in thousands of dollars.
      (4) The Financial Group Capital Adequacy ReportG must be signed by:
      (a) the PersonsG specified in PIN Rule 6.5.3 in the case of a report at the end of a reporting period; or
      (b) the PersonsG specified in PIN Rule 6.5.9 in the case of a report at the mid-point of a reporting period.
      (5) The Financial Group Capital Adequacy ReportG must be accompanied by a statement by the Insurer'sG auditor, made in writing to the directors of the InsurerG and to the DFSAG , and stating whether any significant matter has come to the attention of the auditor to indicate that the report has not been properly compiled in accordance with the requirements of this section, from information provided to the InsurerG by other members of the Financial GroupG and from the Insurer'sG own records.
      [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]
      [Amended] DFSA RM136/2014 (Made 21st August 2014). [VER14/06-14]

      • PIN 6.6.2 Guidance

        1. Where information that would be contained in the Financial Group Capital Adequacy ReportG would be identical with information previously or concurrently provided to the DFSAG pursuant to this or another provision of the RulebookG , and that information has not changed, the DFSAG will normally accept a statement to that effect in the report in place of that information.
        2. Form IN 170 in PRU may be used by an InsurerG to present the Financial Group Capital Adequacy ReportG . Use of this form is not mandatory, however if the form is used the instructional guidelines in PRU must be observed.
        [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]