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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 Financial and Other Reporting by Insurers

    • PIN 6.1 Introduction

      • PIN 6.1.1

        This chapter applies to all InsurersG .

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

        • [Deleted]

          [Deleted] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

    • PIN 6.2 Annual regulatory return

      • PIN 6.2.1

        An InsurerG must, at the end of each reporting period, prepare an Annual Regulatory ReturnG .


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

      • PIN 6.2.2

        The Annual Regulatory ReturnG must comprise the statements set out in PIN App10, together with any Supplementary NotesG pertaining to those forms, and including a Statement by DirectorsG .


        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER3/08-06]
        [Amended] DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

      • PIN 6.2.3

        The form and content of the statements comprising the Annual Regulatory ReturnG (including the Statement by DirectorsG ) is set out in PIN App10, PRU and the DFSA's electronic prudential reporting system.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER3/08-06]
        [Amended] DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

        • PIN 6.2.3 Guidance

          The Returns and instructional guidelines are provided in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.

          [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.2.4

        Where an InsurerG includes in its Annual Regulatory ReturnG a value for General Insurance LiabilitiesG or for assets associated with those liabilities which is inconsistent with the amount referred to in PIN Rule 7.2.4 (b), the InsurerG must notify the DFSAG in writing of:

        (a) the reasons for not including in its Annual Regulatory ReturnG the value of General Insurance LiabilitiesG or of associated assets as reported by the ActuaryG ; and
        (b) details of the alternative assumptions and methodologies used for determining the value of General Insurance LiabilitiesG or of associated assets.
        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

        • PIN 6.2.4 Guidance

          Assets that are associated with Insurance LiabilitiesG will predominantly be reinsurance recoveries, which are reported as assets in accordance with widely accepted accounting practice. Assets representing salvage or subrogation recoveries may also be associated with Insurance LiabilitiesG .


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

      • PIN 6.2.5

        Where an InsurerG includes in its Annual Regulatory ReturnG a value for Long-Term Insurance LiabilitiesG which is inconsistent with the amount referred to in PIN Rule 7.3.6 (b), the InsurerG must notify the DFSAG in writing of:

        (a) the reasons for not including in its Annual Regulatory ReturnG the value of Long-Term Insurance LiabilitiesG as reported by the ActuaryG ; and
        (b) details of the alternative assumptions and methods used by the InsurerG for determining the value of Long-Term Insurance LiabilitiesG .

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

    • PIN 6.3 Quarterly regulatory return

      • PIN 6.3 Guidance

        The Quarterly Regulatory ReturnG is not subject to audit.

        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.3.1

        Subject to PIN Rule 6.3.4, an InsurerG must, at the end of March, June, September and December in each year, prepare a Quarterly Regulatory ReturnG in respect of the period commencing at the start of the Insurer'sG reporting period and ending on that date.


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

      • PIN 6.3.2

        The Quarterly Regulatory ReturnG must comprise the statements set out in PIN App10, together with any Supplementary NotesG pertaining to those forms, and including a Statement by DirectorsG .

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER3/08-06]
        [Amended] DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.3.3

        The form and content of the statements comprising the Quarterly Regulatory ReturnG (including the Statement by DirectorsG ) are set out in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.


        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER3/08-06]
        [Amended] DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

        • PIN 6.3.3 Guidance

          The Returns and instructional guidelines are provided in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.

          [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.3.4

        The following InsurersG are not required to prepare a Quarterly Regulatory ReturnG unless required in writing by the DFSAG to do so:

        (a) a Class 1 Captive InsurerG ; and
        (b) an InsurerG that is a Protected Cell CompanyG where every CellG maintained by the InsurerG is a Class 1 Captive CellG or a Class 2 Captive CellG .

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

    • PIN 6.4 Audit of annual regulatory return

      • PIN 6.4.1

        Subject to PIN Rule 6.4.2, the Annual Regulatory ReturnG of every InsurerG must be audited in accordance with International Statements on Auditing relevant to the audit of the Annual Regulatory ReturnG , by the Insurer'sG auditor.

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

        • PIN 6.4.1 Guidance

          The Quarterly Regulatory ReturnG is not subject to audit. The qualifications and appointment of the auditor of an Authorised FirmG are specified in GEN chapter 8.

          Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
          [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.4.2

        The statements in the Annual Regulatory ReturnG that are not subject to audit are set out in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended][VER3/08-06]
        [Amended] DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.4.3

        The report of the auditor on the Annual Regulatory ReturnG must be made in writing to the directors of the InsurerG and to the DFSAG and must state whether, in the opinion of the Auditor and so far as concerns those parts of the Annual Regulatory ReturnG that are subject to audit:

        (a) the Annual Regulatory ReturnG has been prepared in accordance with this chapter;
        (b) the statements in the Annual Regulatory ReturnG present fairly, in accordance with the basis of preparation prescribed in this chapter, the financial position of the InsurerG as at the reporting date and financial performance of the InsurerG during the reporting period ended on that date, and the other information required to be presented; and
        (c) the statements in the Annual Regulatory ReturnG are in accordance with the books and records of the InsurerG .

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

    • PIN 6.5 Submission of Returns to the DFSA

      • PIN 6.5.1

        Subject to PIN Rule 6.5.2, an Authorised FirmG must, submit its Annual Regulatory ReturnG in writing to the DFSAG within four months of the Insurer'sG reporting date to:

        Supervision Division
        DFSA
        Level 13, The Gate
        PO Box 75850
        Dubai, United Arab Emirates

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.2

        An Authorised FirmG must, prepare and submit its Annual Regulatory ReturnG in the following manner:

        (a) the Annual Regulatory ReturnG , excepting the parts of the Annual Regulatory ReturnG referred to in (b) and (c), must be submitted to the DFSAG using the electronic prudential reporting system:
        (i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in PIN App10 and PRU; and
        (ii) within four months of the Insurer's reporting date;
        (b) the Statement by DirectorsG need not be submitted to the DFSAG , but must be signed and a copy maintained in accordance with Rules PIN 6.5.3 and PIN 6.5.4; and
        (c) the Global ReturnG for a BranchG must be submitted in the manner provided in Rule PIN 6.5.1.
        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]
        [Amended] DFSA RM128/2013 (Made 14th July 2013). [VER13/07-13]

        • PIN 6.5.2 Guidance

          The ReturnsG and instructional guidelines are provided in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.

          [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.3

        The Statement by DirectorsG forming part of the Annual Regulatory ReturnG must be signed before the time of submission by:

        (a) the Senior Executive OfficerG ; and
        (b) a DirectorG of the InsurerG not being the PersonG in (a).
        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN 6.5.4

        An original signed hard copy of the Statement by DirectorsG together with a copy of the Annual Regulatory ReturnG submitted to the DFSAG using the DFSA’sG electronic prudential reporting system, must be kept for at least 6 years for inspection by the DFSAG .

        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN 6.5.5

        The auditor's report on the Annual Regulatory ReturnG , and any actuarial report prepared as at the reporting date in accordance with section PIN 7.2 or PIN 7.3, must be submitted in writing by the InsurerG with the DFSAG within four months of the Insurer'sG reporting date.

        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.6

        An auditor's report or an actuarial report submitted to the DFSAG must be signed by the auditor or the ActuaryG preparing that report.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.7

        Subject to PIN Rule 6.5.8, an Authorised FirmG must, submit its Quarterly Regulatory ReturnG in writing to the DFSAG within one month of the end of each period in respect of which the Insurer is required to prepare a Quarterly Regulatory ReturnG to:

        Supervision Division
        DFSA
        Level 13, The Gate
        PO Box 75850
        Dubai, United Arab Emirates

        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM136/2014 (Made 21st August 2014). [VER14/06-14]

      • PIN 6.5.8

        An Authorised FirmG must, prepare and submit its Quarterly Regulatory ReturnG in the following manner:

        (a) the Quarterly Regulatory ReturnG , excepting the parts of the Quarterly Regulatory ReturnG referred to in (b) and (c), must be submitted to the DFSAG using the DFSA'sG electronic prudential reporting system:
        (i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in PIN App10 and PRU; and
        (ii) within one month of the Insurer'sG reporting date;
        (b) the Statement by DirectorsG must be signed and a copy maintained in accordance with Rules PIN 6.5.9 and PIN 6.5.10; and
        (c) the Global ReturnG for a BranchG must be submitted in the manner provided in Rule PIN 6.5.7.
        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]
        [Amended] DFSA RM128/2013 (Made 14th July 2013). [VER13/07-13]
        [Amended] DFSA RM136/2014 (Made 21st August 2014). [VER14/06-14]

        • PIN 6.5.8 Guidance

          The ReturnsG and instructional guidelines are provided in PIN App10, PRU and the DFSA'sG electronic prudential reporting system.

          [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.9

        The Statement by DirectorsG forming part of the Quarterly Regulatory ReturnG must be signed before the time of submission by:

        (a) if the InsurerG is a DIFC Incorporated InsurerG , one DirectorG of the InsurerG ; or
        (b) if the InsurerG is not a DIFC Incorporated InsurerG , the Senior Executive OfficerG and, if that PersonG is not a DirectorG , one DirectorG of the InsurerG .
        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN 6.5.10

        An original signed hard copy of the Statement by DirectorsG together with a copy of the Quarterly Regulatory ReturnG submitted to the DFSAG using the DFSA'sG electronic prudential reporting system, must be kept for at least 6 years for inspection by the DFSAG .

        [Added] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN 6.5.11

        If within 24 months of the date that an Annual Regulatory ReturnG or Quarterly Regulatory ReturnG is submitted to the DFSAG , the DFSAG notifies the InsurerG that a ReturnG appears to be inaccurate or incomplete, the InsurerG must consider the matter and within one month of the date of notification it must correct any inaccuracies and make good any omissions and re-submit the relevant parts of the ReturnG .

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.12

        An InsurerG must submit, at the same time as every Annual Regulatory ReturnG of that InsurerG or as soon as practicable thereafter, any report on the affairs of the InsurerG submitted to the shareholders or policyholders of the InsurerG in respect of the reporting period to which the Annual Regulatory ReturnG relates.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

        • [Deleted]

          [Deleted] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

      • PIN 6.5.13 [Deleted]

        [Deleted] DFSA RM199/2017 (Made 19th April 2017). [VER15/01-18]

        • PIN 6.5.13 Guidance

          Derived from DFSA RM128/2013 (Made 14th July 2013). [VER13/07-13]
          [Amended] DFSA RM199/2017 (Made 19th April 2017). [VER15/01-18]

    • 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]