1. This form is required only for an Annual Regulatory Return prepared by a DIFC Incorporated Insurer conducting Direct Long-Term Insurance Business of Class III, and is required only in respect of that Class of its Direct Long-Term Insurance Business.
2. This form, which is prepared only by a DIFC Incorporated Insurer conducting Direct Long-Term Insurance Business of Class III, provides the DFSA with information on the assets held to cover policy liabilities under insurance contracts of that Class.
3. On this form, a reference to assets held to cover linked contract liabilities means assets that:
a. are held by the Insurer with the intention of meeting liabilities under Class III contracts of insurance effected by it;
b. are not reported by the Insurer on Form
[PRU PIN15]; and
c. so far as concerns linked benefits that are vested in policyholders, are the assets to which the contract is linked under the terms of the contract or assets that are closely equivalent to those assets, or, where the contract is linked to an index, are the assets on which that index is based or assets closely equivalent to those assets.
4. An Insurer must present at items 1.1 to 4.3 the amount of its assets disclosed on Form
[PRU PIN1] that are held to cover linked contract liabilities under Direct Long-Term Insurance Business of Class III. The instructional guidelines at section 3.1 apply to the completion of this form where an item on this form has the same description as an item on Form [PRU PIN1], except that no distinction is made on this form between current and non-current assets.
5. An Insurer must present at item 4.4 the amount of any assets not falling within items 1.1 to 4.3 that are held to cover linked contract liabilities under Direct Long-Term Insurance Business of Class III. Where an Insurer includes an amount at this item, particulars of the asset must be included in a Supplementary Note, including a description of how that asset is disclosed on Form
6. An Insurer must disclose at item 5.1 the amount of assets included in item 5 that represent amounts due from, balances with or investments in Related parties, other than amounts due under insurance contracts
7. The amount at item 5 in column 1 must be not less than the amount on Form
[PRU PIN13] of item 3 column 5 less item 13 column 5.