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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
Media Releases
Notices
Financial Markets Tribunal
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  • PIN 10.1 Application

    • PIN 10.1.1

      This chapter applies only to InsurersG that are Authorised ISPVsG .

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.2

      An Authorised ISPVG must ensure that at all times its assets are equal to or greater than its liabilities.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

      • PIN 10.1.2 Guidance

        It is the policy of the DFSAG that an Authorised ISPVG should be fully funded. The DFSAG considers that to be fully funded an ISPVG must have actually received the proceeds of the debt issuance or other mechanism by which it is financed. The DFSAG would not, for example, authorise an ISPVG where part of the financing for its reinsurance liabilities was on a contingent basis, i.e. a stand by facility or letter of credit.

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.3

      The assets of an Authorised ISPVG must be held by, or on behalf of:

      (a) the Authorised ISPVG ; or
      (b) the insurer which cedes to the Authorised ISPVG the risks in respect of which the relevant assets are held.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.4

      An Authorised ISPVG must develop, implement and maintain a risk management system to address all material risks to which it is subject. In particular, it must have regard to the GuidanceG on managing investment risk set out in section A.2.6.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

      • PIN 10.1.4 Guidance

        In developing, implementing and maintaining a risk management system as required under PIN Rule 10.1.4 an Authorised ISPVG should have proper regard to the GuidanceG on investment risk set out in section A2.6.

        [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.5

      An Authorised ISPVG must include in each of its contracts of reinsurance terms which ensure that its aggregate maximum liability at any time under those contracts of reinsurance does not exceed the amount of its assets at that time.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.6

      An Authorised ISPVG must ensure that under the terms of any debt issuance or other financing arrangements used to fund its reinsurance liabilities the rights of the providers of that debt or other financing are fully subordinated to the claims of creditors under its contracts of reinsurance.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.7

      An Authorised ISPVG must only enter into contracts or otherwise assume obligations which are necessary for it to give effect to the reinsurance arrangements which represent the special purpose for which it has been established.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]

    • PIN 10.1.8

      Where the Authorised ISPVG is a Protected Cell CompanyG , PIN Rules 10.1.2 to 10.1.7 should be read as applying to each CellG individually.

      [Added] DFSA RM48/2007 (Made 1st October 2007). [VER7/10-07]