Entire Section

  • 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 the DFSA.

    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 the Insurer's business. The DFSA'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 the Insurer's failure, and the DFSA will not hesitate to do so.

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