PIN 9.2 PIN 9.2 Insurers ceasing to effect contracts of insurance in a class of business
This section applies to an
Insurerthat ceases or decides to cease to effect new Contracts of Insurance:(a) in a Class of Businessin which the Insurerhas previously carried on Insurance Business; or(b) in respect of a Cellor a Long-Term Insurance Fund, in a Class of Businessin which the Insurerhas previously carried on Insurance Businessthrough that Cellor Long-Term Insurance Fund.
Insurerto which this section applies must, within 28 days of a decision to cease to effect new Contracts of Insurancein a Class of Business, notify the DFSAof its decision, in a written notice specifying the following details:(a) the effective date of the decision to cease effecting Contracts of Insurance;(b) the Class of Businessto which the decision relates; and(c) where relevant, the Cellor Long-Term Insurance Fundto which the decision relates.
Insurerwhich has provided a notice to the DFSAin accordance with PIN Rule 9.2.2 must not effect any Contracts of Insurancein that Class of Businesswithout the written permission of the DFSA. Where the notice referred to in PIN Rule 9.2.2 relates to a Cellor Long-Term Insurance Fundof the Insurer, the restriction set out in this rule applies only to that Cellor Long-Term Insurance Fund.