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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 4.7.2

    An InsurerG that is not a DIFC Incorporated InsurerG must always have assets, of a type referred to in PIN Rule 4.7.3, that are available to meet Insurance LiabilitiesG of the InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG , at least equal to the sum of the following:

    (a) the sum of the default risk component and the investment volatility risk component in respect of those assets, calculated according to the methods set out in sections PIN A4.4 and PIN A4.5 respectively, applying those methods so far as concerns those assets only;
    (b) Insurance LiabilitiesG of the InsurerG in respect of its DIFCG Insurance BusinessG ; and
    (c) the Insurer'sG DIFC Business Risk Capital RequirementG , calculated in accordance with PIN App9.
    Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
    [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 4.7.2 Guidance

      1. Assets are not normally available to meet Insurance LiabilitiesG of an InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG , if those assets are required to meet liabilities of the InsurerG in jurisdictions other than the DIFCG , except where those liabilities are also Insurance LiabilitiesG of the InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG .
      2. Assets are not normally available to meet Insurance LiabilitiesG of an InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG , if those assets are required, under the laws of any jurisdiction, to be located in a jurisdiction other than the DIFCG , except where the assets are required to be located in that jurisdiction to meet, or as collateral against, either:
      a. liabilities that are Insurance LiabilitiesG of the InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG ; or
      b. liabilities that may arise in the future and that would, if they arose, be Insurance LiabilitiesG of the InsurerG arising in respect of operations conducted by the InsurerG in the DIFCG .

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