Entire Section

  • PIN 6.6 PIN 6.6 Reporting of group capital adequacy

    • PIN 6.6.1

      An Insurer must, at the end of each reporting period and at the mid-point of each reporting period, prepare a report on the Financial Group capital adequacy of any Financial Group of which it is a member and in respect of which it is required by PIN Chapter 8 to calculate Financial Group Capital Requirements and Financial Group Capital Resources. This Report shall be known as the Financial Group Capital Adequacy Report.

      [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 6.6.2 PIN 6.6.2

      (1) The Financial Group Capital Adequacy Report must be filed in writing by the Insurer with the DFSA:
      (a) within four months of the Insurer's reporting date in the case of a report at the end of a reporting period; or
      (b) within one month of the Insurer's mid-year date in the case of a report at the mid-point of a reporting period.
      (2) The Financial Group Capital Adequacy Report must state:
      (a) the name of the Insurer;
      (b) the reference date of the report;
      (c) the name, location and activity of the Parent entity of the Financial Group in respect of which the report is made;
      (d) the Financial Group Capital Resources, calculated in accordance with PIN Rule 8.3.4;
      (e) the Financial Group Capital Requirement, calculated in accordance with PIN Rule 8.3.3;
      (f) the amount of surplus or deficit, expressed as the amount in (d) minus the amount in (e);
      (g) a list of all Authorised Firms and Financial Institutions in the Financial Group;
      (h) if any Authorised Firm in the Financial Group is itself a Parent, the items referred to in (d), (e) and (f) in respect of the Financial Group headed by that Authorised Firm; and
      (i) particulars of any Authorised Firm or Financial Institution in the Financial Group in respect of which the capital requirement calculated in accordance with PIN Rule 8.3.3 exceeds its Capital Resources or Adjusted Capital Resources calculated in accordance with PIN Rule 8.3.4(1)(b).
      (3) Amounts in the Financial Group Capital Adequacy Report must be expressed in thousands of dollars.
      (4) The Financial Group Capital Adequacy Report must be signed by:
      (a) the Persons specified in PIN Rule 6.5.3 in the case of a report at the end of a reporting period; or
      (b) the Persons specified in PIN Rule 6.5.9 in the case of a report at the mid-point of a reporting period.
      (5) The Financial Group Capital Adequacy Report must be accompanied by a statement by the Insurer's auditor, made in writing to the directors of the Insurer and to the DFSA, and stating whether any significant matter has come to the attention of the auditor to indicate that the report has not been properly compiled in accordance with the requirements of this section, from information provided to the Insurer by other members of the Financial Group and from the Insurer's own records.
      [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]
      [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]
      [Amended] DFSA RM136/2014 (Made 21st August 2014). [VER14/06-14]

      • PIN 6.6.2 Guidance

        1. Where information that would be contained in the Financial Group Capital Adequacy Report would be identical with information previously or concurrently provided to the DFSA pursuant to this or another provision of the Rulebook, and that information has not changed, the DFSA will normally accept a statement to that effect in the report in place of that information.
        2. Form IN 170 in PRU may be used by an Insurer to present the Financial Group Capital Adequacy Report. Use of this form is not mandatory, however if the form is used the instructional guidelines in PRU must be observed.
        [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]
        [Amended] DFSA RM54/2007 (Made 1st December 2007). [VER9/12-07]