Entire Section

  • PIN 5.1 PIN 5.1 General provisions

    • PIN 5.1.1 PIN 5.1.1

      This chapter applies to an Insurer in relation to Returns made to the DFSA.

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

      • PIN 5.1.1 Guidance

        1. This chapter establishes a set of principles for the consistent measurement of the assets and liabilities of Insurers for 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 Insurers from adopting measurements of assets and liabilities that might be considered excessively prudent if adopted in the Insurer's general purpose financial statements. Insurers are not however expected to mislead the DFSA as to the financial position or financial performance of the Insurer.

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

    • PIN 5.1.2

      Subject to Rules PIN 5.1.3, PIN 5.1.4, PIN 5.1.5 and PIN 5.1.6, an Insurer must 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.


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

    • PIN 5.1.3

      An Insurer may measure the value of an asset at less than the value determined in accordance with this chapter.


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

    • PIN 5.1.4

      An Insurer may measure the value of a liability at more than the value determined in accordance with this chapter.


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

    • PIN 5.1.5

      An Insurer may 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.


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

    • PIN 5.1.6

      Notwithstanding any other provision of this chapter, the DFSA may, by written notice, direct an Insurer to measure an asset or a liability in accordance with principles specified by the DFSA in that written notice.


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