Entire Section

  • PIN A10.2 PIN A10.2 Completion of forms for global, cell, fund and DIFC business reporting units

    • PIN A10.2 Guidance

      Separate Returns are completed for Insurers' entire business, and for those parts of the business that are subject to separate capital adequacy requirements, namely Cells, Long-Term Insurance Funds, and DIFC business. These parts, and the entire business, are described as ‘reporting units’ because a Return is required for each. An Insurer may therefore have to submit more than one set of Returns.

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

    • PIN A10.2.1

      A Return must be completed in respect of each of the reporting units set out in this section that applies to the Insurer.

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

    • PIN A10.2.2

      There are four types of reporting units in respect of which an Insurer may be required to submit a Return. These are referred to in this appendix and the forms as the global reporting unit, the Cell reporting unit, the fund reporting unit and the DIFC business reporting unit. The Returns in respect of these reporting units are referred to respectively in this appendix and the forms as the Global Return, the Cell Return, the Fund Return and the DIFC Business Return.

      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM51/2007 (Made 1st November 2007). [VER8/11-07]

    • PIN A10.2.3

      Every Insurer that is required by PIN chapter 6 to complete a Return must complete a Global Return. A Global Return has the following characteristics:

      (a) Subject to (b), a Global Return includes all of the assets, liabilities, equity, revenues and expenses of the Insurer, regardless of the residency status or location of the Insurer, of the customer or of any asset or liability.
      (b) The Global Return of a Protected Cell Company does not include any assets, liabilities, equity, revenues or expenses that are attributable to a Cell.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

    • PIN A10.2.4

      Except as provided otherwise in this appendix, an Insurer that is a Protected Cell Company must complete a Cell Return in respect of each Cell that it maintains. A Cell Return includes all of the assets, liabilities, equity, revenues and expenses attributable to the Cell, regardless of the residency status or location of the customer or of any asset or liability. An Insurer to which this Rule applies is not required to complete a Quarterly Regulatory Return in respect of any Cells maintained by it that are Captive Cells.

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

    • PIN A10.2.5 PIN A10.2.5

      Except as provided otherwise in this appendix, an Insurer that maintains a Long-Term Insurance Fund must complete a Fund Return in respect of each Long-Term Insurance Fund that it maintains. A Fund Return includes all of the assets, liabilities, revenues and expenses attributable to the fund, regardless of the residency status or location of the customer or of any asset or liability. An Insurer to which this Rule applies is not required to complete a Fund Return in the following cases:

      (a) where the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Global Return; and
      (b) where a Cell of the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Cell Return.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]

      • PIN A10.2.5 Guidance

        PIN A10.2.5 operates to prevent the preparation of duplicate Returns. However, where under this section an Insurer or a Cell is exempt from the requirement to prepare a Quarterly Regulatory Return because of its captive status, the fund Quarterly Regulatory Return would not be identical and must still be prepared.

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

    • PIN A10.2.6 PIN A10.2.6

      An Insurer that is not a DIFC Incorporated Insurer must complete a DIFC Business Return. A DIFC Business Return has the following characteristics:

      (a) it includes only liabilities that are Insurance Liabilities of the Insurer in respect of its DIFC Insurance Business and assets that are associated with those Insurance Liabilities; and
      (b) revenues and expenses must be included only to the extent that they are attributable to the Insurer's DIFC Insurance Business.
      Derived from DFSA RM44/2007 (Made 1st June 2007). [VER5/06-07]

      • PIN A10.2.6 Guidance

        The assets that are associated with Insurance Liabilities normally include only reinsurance and other recoveries in respect of claims, whether or not incurred, included in Insurance Liabilities. The DIFC Business Return does not include assets such as investments, fixed assets, or receivables other than reinsurance recoveries in respect of Insurance Liabilities.

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