PIN A5.3 PIN A5.3 Base non-cellular capital
PIN A5.3 Guidance
The commencement point for calculating an
Insurer'sadjusted non-cellular equity is the Insurer'sbase non-cellular capital.
PIN A5.3.1(a) paid-up ordinary shares, except for shares referred to in PIN Rule A5.5.1(3);(b) general reserves;(c) retained earnings;(d) current year's earnings after tax; and(e) hybrid non-cellular capital (as defined in PIN Rule A5.5.1).
Cell Share Capitaland any capital instruments or equity reserves of the Insurerthat are attributable to a Cellmust be excluded from base non-cellular capital.
Hybrid non-cellular capital having a term to maturity of less than five years may only be included in base non-cellular capital with the written consent of the