Entire Section

  • PFN PIN 6.9 PFN PIN 6.9 Form 5: Statement of claims and reinsurance and other recoveries

    • PFN PIN 6.9.1 PFN PIN 6.9.1

      This form is required for each reporting unit in respect of which the Insurer must prepare an Annual Regulatory Return, except for the Global Return of an Insurer that is a Protected Cell Company.

      • PFN PIN 6.9.1 Guidance

        A Protected Cell Company is prevented by COB from carrying on Insurance Business other than through a Cell. Because this form would always be blank for such a company in its Global Return, there is no need for it to submit the form or to complete a Supplementary Note to explain its absence.


        Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]

    • PFN PIN 6.9.2

      An Insurer must record claims paid and reinsurance and other recoveries in respect of claims paid relating to its Insurance Business on this form as follows:

      (a) An Insurer that is carrying on General Insurance Business must complete part I of this form;
      (b) An Insurer that is carrying on Long-Term Insurance Business must complete part II of this form; and
      (c) An Insurer that is carrying on Long-Term Insurance Business and General Insurance Business of Class 1 or Class 2 must record the General Insurance Business in a manner consistent with that adopted in respect of form 4 as determined under (c).

      Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]

    • PFN PIN 6.9.3

      At items 1 to 8 and items 21 to 27, against each Class of Business, and for each type of insurance contract as set out in columns 1 to 4, an Insurer must record its gross claims paid for the reporting period in respect of that Class of Business and for that type of insurance contract.


      Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]

    • PFN PIN 6.9.4

      For the purposes of this form, the amount of claims paid includes expenses incurred by the Insurer in the settlement of the claims.


      Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]

    • PFN PIN 6.9.5 PFN PIN 6.9.5

      At items 11 to 18 and items 30 to 36, against each Class of Business, and for each type of insurance contract as set out in columns 1 to 4, an Insurer must record the reinsurance and other recoveries receivable in respect of claims paid, in respect of each Class of Business and each type of insurance contract.

      • PFN PIN 6.9.5 Guidance

        Reinsurance recoveries must be analysed between columns 1 and 4 on the basis of the underlying insurance contracts that they relate to, not on the basis of the reinsurance contracts themselves. Where the nature of the reinsurance contract is such that the Insurer cannot identify individual claims benefiting from the recoveries (for example, in the case of an aggregate excess of loss contract, or a stop loss contract) the Insurer must make a reasonable allocation of the recoveries across the types and Classes of Business that have benefit of the reinsurance contracts.


        Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]

    • PFN PIN 6.9.6

      An Insurer must disclose the aggregate amount of its insurance and reinsurance transactions with its Related parties as follows:

      (a) At item 10, the amount of gross claims paid to Related parties that has been included in the total at item 9;
      (b) At item 20, the amount of reinsurance and other recoveries receivable from Related parties that has been included in the total at item 19;
      (c) At item 29, the amount of gross claims paid to Related parties that has been included in the total at item 28; and
      (d) At item 38, the amount of reinsurance and other recoveries receivable from Related parties that has been included in the total at item 37.

      Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]