PIN 6.6 PIN 6.6 Reporting of group capital adequacy
Insurermust, at the end of each reporting period and at the mid-point of each reporting period, prepare a report on the Financial Groupcapital adequacy of any Financial Groupof which it is a member and in respect of which it is required by PIN Chapter 8 to calculate Financial Group Capital Requirementsand Financial Group Capital Resources. This Reportshall 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 Reportmust be filed in writing by the Insurer with the DFSA:(a) within four months of the Insurer'sreporting date in the case of a report at the end of a reporting period; or(b) within one month of the Insurer'smid-year date in the case of a report at the mid-point of a reporting period.(2) The Financial Group Capital Adequacy Reportmust state:(a) the name of the Insurer;(b) the reference date of the report;(c) the name, location and activity of the Parententity 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 Firmsand Financial Institutionsin the Financial Group;(h) if any Authorised Firmin the Financial Groupis itself a Parent, the items referred to in (d), (e) and (f) in respect of the Financial Groupheaded by that Authorised Firm; and(3) Amounts in the Financial Group Capital Adequacy Reportmust be expressed in thousands of dollars.(4) The Financial Group Capital Adequacy Reportmust be signed by:(a) the Personsspecified in PIN Rule 6.5.3 in the case of a report at the end of a reporting period; or(b) the Personsspecified 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 Reportmust be accompanied by a statement by the Insurer'sauditor, made in writing to the directors of the Insurerand 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 Insurerby other members of the Financial Groupand from the Insurer'sown records.
PIN 6.6.2 Guidance1. Where information that would be contained in the
Financial Group Capital Adequacy Reportwould be identical with information previously or concurrently provided to the DFSApursuant to this or another provision of the Rulebook, and that information has not changed, the DFSAwill 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 Insurerto 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.