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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
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DFSA Codes of Practice
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  • PIN A5.7 Base cellular capital

    • PIN A5.7 Guidance

      The commencement point for calculating the adjusted cellular equity in respect of a CellG is the base cellular capital in respect of that CellG .


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

    • PIN A5.7.1

      Subject to Rules PIN A5.7.3 and PIN A5.7.4, the base cellular capital in respect of a CellG consists of the following capital instruments and equity reserves that are attributable to that CellG :

      (a) paid-up Cell SharesG , except for shares referred to in PIN Rule A5.10.1(d);
      (b) general reserves;
      (c) in the Insurance FundG of a Takaful InsurerG , where the Insurance FundG is attributable to the CellG , amounts provided from the Owners' EquityG by loan to the Insurance FundG and not repaid as at the Solvency Reference DateG ;
      (d) retained earnings;
      (e) current year's earnings after tax; and
      (f) hybrid cellular capital (as defined in PIN Rule A5.10.1).

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

    • PIN A5.7.2

      Owners' EquityG in a Takaful InsurerG other than amounts referred to in PIN Rule A5.7.1(c) must be classified as hybrid capital for the purposes of this section if:

      (a) under the constitutional documents of the InsurerG or the terms of insurance contracts or both, participation in the surpluses and losses of Takaful business is limited to the policyholders of the InsurerG ; and
      (b) the Owners' EquityG is available for loan to the Insurance FundG of the InsurerG .

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

    • PIN A5.7.3

      Hybrid cellular capital having a term to maturity of less than five years may only be included in base cellular capital with the consent of the DFSAG .


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