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. AllInsurers 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 toInsurers of different types. PIN section 4.2 establishes provisions that are applicable to allInsurers , wherever they are incorporated and of whatever type they are. PIN section 4.3 establishesMinimum Capital Requirements in respect ofInsurers other thanProtected Cell Companies , and PIN section 4.4 establishes equivalent requirements in respect ofProtected Cell Companies . Additional provisions are established by PIN section 4.6, in respect ofInsurers maintainingLong-Term Insurance Funds , and by PIN section 4.7, in respect ofInsurers that are notDIFC Incorporated Insurers .3. TheDFSA has the power under theRegulatory 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 aRating Agency other than Standard & Poor's, theInsurer must apply that provision as though the Standard & Poor's rating referred to in the provision were replaced by the rating from that otherRating 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 anyRating Agency other than Standard & Poor's, Moody's, AM Best, and Fitch Ratings, except where theDFSA has given written approval to theInsurer for the use of ratings provided by that otherRating Agency .
Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]