Entire Section

  • PIN A10.5 PIN A10.5 Statement by directors

    • PIN App10.5 Guidance

      1. The Statement by Directors forms a part of the Annual Regulatory Return or the Quarterly Regulatory Return. By providing these statements, the directors confirm that the Returns have been properly prepared and that the Insurer complies with applicable prudential rules.
      2. The Statement by Directors is 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.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

    • PIN A10.5.1

      Every Return must include a Statement by Directors, in accordance with this section.

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

    • PIN A10.5.2

      The Statement by Directors forming part of the Annual Regulatory Return must state that:

      (a) the Annual Regulatory Return has 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 Records have 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 Insurer has complied with the provisions of PIN chapter 4 throughout the reporting period; and
      (e) the Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [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]

    • PIN A10.5.3

      The Statement by Directors forming part of the Quarterly Regulatory Return must state that:

      (a) the Quarterly Regulatory Return has been prepared in accordance with the provisions of PIN chapter 6, this appendix, PRU chapter 3 and the DFSA's electronic prudential reporting system; and
      (b) the Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

    • PIN A10.5.4

      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 Insurer must instead state in a Supplementary Note that the directors are unable to make the statements in question, and must give the reasons for that inability.

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]