PIN 5.1 PIN 5.1 General provisions
PIN 5.1.1 PIN 5.1.1
This chapter applies to an
Insurerin relation to Returnsmade to the DFSA.
PIN 5.1.1 Guidance1. This chapter establishes a set of principles for the consistent measurement of the assets and liabilities of
Insurersfor the purposes of reporting under PIN chapter 6 and for determining compliance with PIN chapter 4.2. This chapter is not intended to establish a basis of accounting for general purpose financial statements of Insurers. This chapter does not prevent Insurersfrom adopting measurements of assets and liabilities that might be considered excessively prudent if adopted in the Insurer'sgeneral purpose financial statements. Insurersare not however expected to mislead the DFSAas to the financial position or financial performance of the Insurer.
Subject to Rules PIN 5.1.3, PIN 5.1.4, PIN 5.1.5 and PIN 5.1.6, an
Insurermust recognise and measure its assets and liabilities in accordance with so many of sections PIN 5.3, PIN 5.4, PIN 5.5 and PIN 5.6 as apply to the Insurer.
Insurermay measure the value of an asset at less than the value determined in accordance with this chapter.
Insurermay measure the value of a liability at more than the value determined in accordance with this chapter.
Insurermay use approximate methods to measure an asset or a liability, where the result obtained by the use of that approximate method would not be materially different from the result obtained by applying a measurement method prescribed in this chapter.
Notwithstanding any other provision of this chapter, the
DFSAmay, by written notice, direct an Insurerto measure an asset or a liability in accordance with principles specified by the DFSAin that written notice.