Entire Section

  • PIN 9.1 PIN 9.1 Introduction

    • PIN 9.1.1

      Subject to PIN Rule 9.1.2, chapter applies to all Insurers.


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

    • PIN 9.1.2 PIN 9.1.2

      In the case of an Insurer that is not a DIFC Incorporated Insurer, this chapter applies only in respect of Insurance Business carried on by the Insurer through an establishment in the DIFC.

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

      • PIN 9.1.2 Guidance

        1. This chapter sets out prudential provisions applying to Insurers that cease to carry on Insurance Business, either wholly or in respect of a particular Class of Business. The provisions are also applicable to Cells and Long-Term Insurance Funds of Insurers, but do not (because of the effect of PIN Rule 9.1.2) apply to non-DIFC Insurance Business of Insurers that are not DIFC Incorporated Insurers.
        2. Sections PIN 9.2 and PIN 9.3 set out actions that an Insurer is required to take when it decides to cease to effect or carry out Contracts of Insurance. Sections PIN 9.4, PIN 9.5 and PIN 9.6 give the DFSA specific powers relating to the supervision of such Insurers.

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

    • PIN 9.1.3 PIN 9.1.3

      For the purposes of this chapter, in determining whether an Insurer is effecting Contracts of Insurance, or has ceased effecting Contracts of Insurance, including Contracts of Insurance effected through a Cell or a Long-Term Insurance Fund, Contracts of Insurance effected under a term of an existing Contract of Insurance must be ignored.

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

      • PIN 9.1.3 Guidance

        The effect of PIN Rule 9.1.3 is to disregard, for the purposes of determining whether the chapter applies, Contracts of Insurance that are effected by the Insurer, as a consequence of a term of an existing Contract of Insurance. A contract will normally only be regarded as being effected under a term of an existing contract if the Insurer does not have discretion to decline to effect the new contract, or if it would be unreasonable for the Insurer, having regard to the interests of the policyholder, to decline to effect it.


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

    • PIN 9.1.4

      In this chapter:

      (a) an Insurer in run-off means an Insurer that has ceased to effect Contracts of Insurance in respect of the whole of its Insurance Business (or, in the case of an Insurer that is not a DIFC Incorporated Insurer, the whole of its Insurance Business carried on through an establishment in the DIFC), and a Cell in run-off and a Long-Term Insurance Fund in run-off are construed accordingly; and
      (b) going into run-off or placing Insurance Business into run-off means ceasing to effect Contracts of Insurance, and placing a Cell or a Long-Term Insurance Fund into run-off are construed accordingly.

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