Entire Section

  • PIN 4.1 PIN 4.1 Introduction

    • PIN 4.1.1 PIN 4.1.1

      This chapter applies to all Insurers.

      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

      • PIN 4.1.1 Guidance

        1. The amount of capital is fundamental to the financial health of any insurance undertaking and therefore to the protection of its policyholders. All Insurers are therefore required to maintain a minimum level of capital resources in accordance with this chapter.
        2. This chapter establishes minimum required levels of capital resources applicable to Insurers of different types. PIN section 4.2 establishes provisions that are applicable to all Insurers, wherever they are incorporated and of whatever type they are. PIN section 4.3 establishes Minimum Capital Requirements in respect of Insurers other than Protected Cell Companies, and PIN section 4.4 establishes equivalent requirements in respect of Protected Cell Companies. Additional provisions are established by PIN section 4.6, in respect of Insurers maintaining Long-Term Insurance Funds, and by PIN section 4.7, in respect of Insurers that are not DIFC Incorporated Insurers.
        3. The DFSA has the power under the Regulatory Law 2004 to act if it believes that any requirement of this chapter is breached, or that it may be breached in the future.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 4.1.2

      For the purposes of this chapter, assets and liabilities must be valued in accordance with PIN chapter 5.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 4.1.3

      In this chapter and in the appendices referred to in this chapter, references to ratings are made according to the rating hierarchy (AAA, AA, etc) of Standard & Poor's. Where, for the purposes of a provision of this chapter or of an appendix, an Insurer uses ratings from a Rating Agency other than Standard & Poor's, the Insurer must apply that provision as though the Standard & Poor's rating referred to in the provision were replaced by the rating from that other Rating Agency that is equivalent to the Standard & Poor's rating.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]

    • PIN 4.1.4

      An Insurer must not, for the purposes of this chapter or the appendices referred to in this chapter, use ratings provided by any Rating Agency other than Standard & Poor's, Moody's, AM Best, and Fitch Ratings, except where the DFSA has given written approval to the Insurer for the use of ratings provided by that other Rating Agency.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]