PFN PIN 6.2.5 PFN PIN 6.2.5
Except as provided otherwise in this rule, an
Insurerthat maintains a Long-Term Insurance Fundmust complete a Fund Returnin respect of each Long-Term Insurance Fundthat it maintains. A Fund Returnincludes all of the assets, liabilities, revenues and expenses attributable to the Fund, regardless of the residency status or location of the customer or of any asset or liability. An Insurerto which this rule applies is not required to complete a Fund Returnin the following cases:(a) where the Insureris deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Returnwould be identical to that in the Global Return; and(b) where a Cellof the Insureris deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Returnwould be identical to that in the Cell Return.
PFN PIN 6.2.5 Guidance
PIN rule 6.2.5 operates to prevent the preparation of duplicate Returns. However, where under this rule an
Insureror a Cellis exempt from the requirement to prepare a Quarterly Regulatory Returnbecause of its captive status, the Fund Quarterly Regulatory Returnwould not be identical and must still be prepared.
Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]