Entire Section

  • PIN 7.4 PIN 7.4 Additional provisions relating to the report

    • PIN 7.4.1

      When appointing an Actuary to prepare a report under PIN section 7.2 or PIN 7.3, an Insurer must ensure that there is an agreement in writing which legally binds the Actuary in accordance with the following provisions:

      (a) the contract must require the Actuary to 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 Actuary to 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 Actuary to deliver the report to the Insurer's directors within such time as to give the directors a reasonable opportunity to consider and use the report in preparing the Insurer's Annual Regulatory Return for the reporting period ended on the reporting date;
      (d) the contract must require and permit the Actuary to address the directors of the Insurer if the Actuary believes that there is a matter relating to the financial position or operations of the Insurer that should be brought to the attention of the directors; and
      (e) the contract must require and permit the Actuary to address the DFSA if the Actuary believes that a matter brought to the attention of the directors of the Insurer is not adequately dealt with by bringing it to the attention of the directors.

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

    • PIN 7.4.2

      An Insurer that has appointed an Actuary to provide a report under section PIN 7.2 or PIN 7.3 must make arrangements to enable the Actuary to undertake his functions, and in particular must:

      (a) keep the Actuary informed of the Insurer's business and other plans;
      (b) ensure that the Actuary is fully informed of the Rules in PIN applicable to the Insurer, as well as any other information that the DFSA has provided to the Insurer that may assist the Actuary in performing his duties; and
      (c) ensure that the Actuary has access at appropriate times to all relevant data and people which the Actuary reasonably believes is necessary to fulfil his obligations to the Insurer in respect of this chapter.

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

    • PIN 7.4.3

      The Insurer must 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 Return for the reporting period ended on the reporting date.


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

    • PIN 7.4.4

      Where an Insurer is not a DIFC Incorporated Insurer, a report prepared under section PIN 7.2 or PIN 7.3 must deal separately with the DIFC Insurance Business of the Insurer, and the Insurance Business of the Insurer as a whole.


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

    • 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 Business that is not material.

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

      • PIN 7.4.5 Guidance

        For the purposes of PIN Rule 7.4.5, a Class of Business that accounts for less than ten per cent of the Insurer's Net Written Premium in the reporting period ended on the reporting date and that accounts for less than ten per cent of the Insurer's Insurance Liabilities as at the reporting date, will normally be considered immaterial.


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