Entire Section
PIN 4.8 PIN 4.8 Failure to comply with this chapter
PIN 4.8.1
An
Insurer that becomes aware that it does not comply with this chapter:(a) must immediately notify theDFSA in writing;(b) must not effect anyContracts of Insurance through an establishment in theDIFC until theDFSA has given it written permission to recommence business;(c) must not, if theInsurer is aDIFC Incorporated Insurer , effect anyContracts of Insurance until theDFSA has given it written permission to recommence business; and(d) must not make any distribution of profits or surplus however called or described, or return of capital, without the written permission of theDFSA .
Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]PIN 4.8.2
An
Insurer that believes that it may not be in compliance with this chapter or may not continue to comply with this chapter in the future must immediately provide theDFSA with a written statement of:(a) the reasons for theInsurer's belief that it may not be in compliance or may not continue to comply; and(b) the action that theInsurer is taking to avoid non-compliance.
Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]PIN 4.8.3 PIN 4.8.3
An
Insurer to which PIN Rule 4.8.2 applies must not make any distribution of profits or surplus, however called or described, or return of capital without the written permission of theDFSA .Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]PIN 4.8.3 Guidance
In dealing with non-compliance, or possible non-compliance, with this chapter, the
DFSA's primary concern will be the interests of policyholders, both existing and prospective. It recognises that there will be circumstances in which a problem may be resolved quickly, for example by support from a parent company, without jeopardising the interests of policyholders. In such circumstances, it will be in the interests of all parties for there to be minimum disruption to theInsurer's business. TheDFSA's normal approach will be to seek to work cooperatively with firms to deal with any problems. There will, however, be other circumstances in which it is necessary to take firm action to avoid exposing further policyholders to the risk of theInsurer's failure, and theDFSA will not hesitate to do so.
Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]