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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 7.4 Additional provisions relating to the report

    • PIN 7.4.1

      When appointing an ActuaryG to prepare a report under PIN section 7.2 or PIN 7.3, an InsurerG must ensure that there is an agreement in writing which legally binds the ActuaryG in accordance with the following provisions:

      (a) the contract must require the ActuaryG to prepare his report in accordance with the provisions of PIN section 7.2 or PIN 7.3 as the case may be;
      (b) the contract must require the ActuaryG to prepare the report using assumptions and methods that are, in the opinion of the ActuaryG , appropriate for the purposes of the report;
      (c) the contract must require the ActuaryG to deliver the report to the Insurer'sG directors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer'sG Annual Regulatory ReturnG for the reporting period ended on the reporting date;
      (d) the contract must require and permit the ActuaryG to address the directors of the InsurerG if the ActuaryG believes that there is a matter relating to the financial position or operations of the InsurerG that should be brought to the attention of the directors; and
      (e) the contract must require and permit the ActuaryG to address the DFSAG if the ActuaryG believes that a matter brought to the attention of the directors of the InsurerG is not adequately dealt with by bringing it to the attention of the directors.

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

    • PIN 7.4.2

      An InsurerG that has appointed an ActuaryG to provide a report under section PIN 7.2 or PIN 7.3 must make arrangements to enable the ActuaryG to undertake his functions, and in particular must:

      (a) keep the ActuaryG informed of the Insurer'sG business and other plans;
      (b) ensure that the ActuaryG is fully informed of the RulesG in PING applicable to the InsurerG , as well as any other information that the DFSAG has provided to the InsurerG that may assist the ActuaryG in performing his duties; and
      (c) ensure that the ActuaryG has access at appropriate times to all relevant data and people which the ActuaryG reasonably believes is necessary to fulfil his obligations to the InsurerG in respect of this chapter.

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

    • PIN 7.4.3

      The InsurerG must submit the reports referred to in PIN section 7.2 and PIN section 7.3 to the DFSAG , at the same time as it submits its Annual Regulatory ReturnG for the reporting period ended on the reporting date.


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

    • PIN 7.4.4

      Where an InsurerG is not a DIFC Incorporated InsurerG , a report prepared under section PIN 7.2 or PIN 7.3 must deal separately with the DIFCG Insurance BusinessG of the InsurerG , and the Insurance BusinessG of the InsurerG as a whole.


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

    • PIN 7.4.5

      Abbreviated details may be provided in a report prepared under the requirements of this chapter in respect of a Class of BusinessG that is not material.

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

      • PIN 7.4.5 Guidance

        For the purposes of PIN Rule 7.4.5, a Class of BusinessG that accounts for less than ten per cent of the Insurer'sG Net Written PremiumG in the reporting period ended on the reporting date and that accounts for less than ten per cent of the Insurer'sG Insurance LiabilitiesG as at the reporting date, will normally be considered immaterial.


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