PIN A10.5 PIN A10.5 Statement by directors
PIN App10.5 Guidance1. The
Statement by Directorsforms a part of the Annual Regulatory Returnor the Quarterly Regulatory Return. By providing these statements, the directors confirm that the Returnshave been properly prepared and that the Insurer complies with applicable prudential rules.2. The Statement by Directorsis set out as statements that must be made, but circumstances may arise when a statement cannot be made because it would be untrue to do so. Under such circumstances this section provides for the directors to provide an explanation in place of the omitted statement.
Returnmust include a Statement by Directors, in accordance with this section.Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
Statement by Directorsforming part of the Annual Regulatory Returnmust state that:(a) the Annual Regulatory Returnhas been prepared in accordance with the provisions of PIN chapter 6, this appendix, PRU chapter 3 and the DFSA's electronic prudential reporting system;(b) proper Accounting Recordshave been maintained and adequate information obtained by the Insurer;(c) appropriate systems and controls have been established and maintained by the Insurer over its transactions and records;(d) the Insurerhas complied with the provisions of PIN chapter 4 throughout the reporting period; and(e) the Insurercomplies, as at the date of the statement, with those provisions of PIN that are applicable to it.
Statement by Directorsforming part of the Quarterly Regulatory Returnmust state that:(a) the Quarterly Regulatory Returnhas been prepared in accordance with the provisions of PIN chapter 6, this appendix, PRU chapter 3 and the DFSA'selectronic prudential reporting system; and(b) the Insurercomplies, as at the date of the statement, with those provisions of PIN that are applicable to it.
If in the opinion of the directors it would be untrue to make one or more of the statements referred to in PIN Rule A10.5.2 and PIN Rule A10.5.3 the statements concerned must be omitted and the
Insurermust instead state in a Supplementary Notethat the directors are unable to make the statements in question, and must give the reasons for that inability.