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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 4.1 Introduction

    • PIN 4.1.1

      This chapter applies to all InsurersG .

      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

      • PIN 4.1.1 Guidance

        1. The amount of capital is fundamental to the financial health of any insurance undertaking and therefore to the protection of its policyholders. All InsurersG are therefore required to maintain a minimum level of capital resources in accordance with this chapter.
        2. This chapter establishes minimum required levels of capital resources applicable to InsurersG of different types. PIN section 4.2 establishes provisions that are applicable to all InsurersG , wherever they are incorporated and of whatever type they are. PIN section 4.3 establishes Minimum Capital RequirementsG in respect of InsurersG other than Protected Cell CompaniesG , and PIN section 4.4 establishes equivalent requirements in respect of Protected Cell CompaniesG . Additional provisions are established by PIN section 4.6, in respect of InsurersG maintaining Long-Term Insurance FundsG , and by PIN section 4.7, in respect of InsurersG that are not DIFC Incorporated InsurersG .
        3. The DFSAG has the power under the Regulatory LawG 2004 to act if it believes that any requirement of this chapter is breached, or that it may be breached in the future.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 4.1.2

      For the purposes of this chapter, assets and liabilities must be valued in accordance with PIN chapter 5.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 4.1.3

      In this chapter and in the appendices referred to in this chapter, references to ratings are made according to the rating hierarchy (AAA, AA, etc) of Standard & Poor's. Where, for the purposes of a provision of this chapter or of an appendix, an InsurerG uses ratings from a Rating AgencyG other than Standard & Poor's, the InsurerG must apply that provision as though the Standard & Poor's rating referred to in the provision were replaced by the rating from that other Rating AgencyG that is equivalent to the Standard & Poor's rating.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 4.1.4

      An InsurerG must not, for the purposes of this chapter or the appendices referred to in this chapter, use ratings provided by any Rating AgencyG other than Standard & Poor's, Moody's, AM Best, and Fitch Ratings, except where the DFSAG has given written approval to the InsurerG for the use of ratings provided by that other Rating AgencyG .


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]