PIN 7.4 PIN 7.4 Additional provisions relating to the report
When appointing an
Actuaryto prepare a report under PIN section 7.2 or PIN 7.3, an Insurermust ensure that there is an agreement in writing which legally binds the Actuaryin accordance with the following provisions:(a) the contract must require the Actuaryto prepare his report in accordance with the provisions of PIN section 7.2 or PIN 7.3 as the case may be;(b) the contract must require the Actuaryto prepare the report using assumptions and methods that are, in the opinion of the Actuary, appropriate for the purposes of the report;(c) the contract must require the Actuaryto deliver the report to the Insurer'sdirectors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer's Annual Regulatory Returnfor the reporting period ended on the reporting date;(d) the contract must require and permit the Actuaryto address the directors of the Insurerif the Actuarybelieves that there is a matter relating to the financial position or operations of the Insurerthat should be brought to the attention of the directors; and(e) the contract must require and permit the Actuaryto address the DFSAif the Actuarybelieves that a matter brought to the attention of the directors of the Insureris not adequately dealt with by bringing it to the attention of the directors.
PIN 7.4.2(a) keep the
Actuaryinformed of the Insurer'sbusiness and other plans;(b) ensure that the Actuaryis fully informed of the Rulesin PINapplicable to the Insurer, as well as any other information that the DFSAhas provided to the Insurerthat may assist the Actuaryin performing his duties; and(c) ensure that the Actuaryhas access at appropriate times to all relevant data and people which the Actuaryreasonably believes is necessary to fulfil his obligations to the Insurerin respect of this chapter.
Insurermust submit the reports referred to in PIN section 7.2 and PIN section 7.3 to the DFSA, at the same time as it submits its Annual Regulatory Returnfor the reporting period ended on the reporting date.
Insureris not a DIFC Incorporated Insurer, a report prepared under section PIN 7.2 or PIN 7.3 must deal separately with the DIFC Insurance Businessof the Insurer, and the Insurance Businessof the Insureras a whole.
PIN 7.4.5 PIN 7.4.5
Abbreviated details may be provided in a report prepared under the requirements of this chapter in respect of a
Class of Businessthat is not material.
PIN 7.4.5 Guidance
For the purposes of PIN Rule 7.4.5, a
Class of Businessthat accounts for less than ten per cent of the Insurer's Net Written Premiumin the reporting period ended on the reporting date and that accounts for less than ten per cent of the Insurer's Insurance Liabilitiesas at the reporting date, will normally be considered immaterial.