Entire Section

  • PFN PIN 6.4 PFN PIN 6.4 General provisions relating to the completion of forms

    • PFN PIN 6.4 Guidance

      Annual Regulatory Returns follow the cycle of the Insurer’s normal statutory reporting, under the Companies Law 2004 in the DIFC and under equivalent legislation elsewhere. Quarterly Regulatory Returns are presented on a year to date basis at specified dates.


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

    • PFN PIN 6.4.1

      Supplementary Notes must be presented on separate pages, not included on the face of the forms to which they relate. Each Supplementary Note must identify the form to which it relates.


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

    • PFN PIN 6.4.2

      Returns must be presented in the English language.


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

    • PFN PIN 6.4.3

      A Return must be presented in United States currency, rounded to thousands of dollars, with no decimal place.


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

    • PFN PIN 6.4.4

      Where the format of a form requires the presentation of comparative information, the comparative information shall be presented according to the following principles:

      (a) In the case of a form forming part of the Annual Regulatory Return, the comparative information shall be that presented in the Annual Regulatory Return for the previous reporting period.
      (b) In the case of a form forming part of the Quarterly Regulatory Return, the comparative information shall be that presented in the Quarterly Regulatory Return for the corresponding quarter in the previous calendar year.
      (c) Comparative information shall be presented unless:
      (i) the Insurer did not exist at any time during the comparative period (whether or not it was an Insurer);
      (ii) in the case of a Cell Return or a Fund Return, the Cell or Long-Term Insurance Fund to which the Return relates did not exist at any time during the comparative period; or
      (iii) so far only as concerns the DIFC Business Return, in the case of an Insurer that is not a DIFC Incorporated Insurer, the Insurer was not at any time an Insurer during the comparative period.
      (d) An Insurer that is required to present comparative information in a Return, and that was not required to prepare a Return in respect of the comparative period, must present comparative information that would have been presented in the Return covering the comparative period, if the Insurer had been required to prepare that Return.
      (e) Comparative information shall not be changed from the time it was first presented, unless re-presentation is necessary for the interpretation of the Return. Where comparative information is changed, the Insurer must include in the Return a Supplementary Note showing the nature of the change and the reason for it.

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

    • PFN PIN 6.4.5

      The Annual Regulatory Return, including the Statement by Directors, is subject to audit, except where this chapter states that a form is not subject to audit.


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

    • PFN PIN 6.4.6

      Each page in a Return, including the Statement by Directors and any Supplementary Notes, must show:

      (a) the words ‘Annual Regulatory Return’ or ‘Quarterly Regulatory Return’, as applicable;
      (b) sufficient information to identify the form or other statement;
      (c) the Insurer’s Licence number;
      (d) the Insurer’s name;
      (e) the reporting period to which the Return relates;
      (f) whether the Return is a Global, Cell, Fund or DIFC Business Return; and
      (g) where the Return relates to a Cell or a Long-Term Insurance Fund, sufficient information to identify the Cell or Long-Term Insurance Fund in question.

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

    • PFN PIN 6.4.7 PFN PIN 6.4.7

      Where this chapter requires information to be presented for different Classes of Business or for different types of insurance contract (that is, direct insurance, facultative reinsurance, proportional reinsurance treaty and non-proportional reinsurance treaty), an Insurer required to complete the form must present the relevant information in respect of all Classes of Business and types of contract, except under the following circumstances:

      (a) Where an item of numerical information in respect of a Class of Business for a type of insurance contract is less than two per cent of the total such numerical information in respect of all Classes of Business for that type of insurance contract, the Insurer may aggregate that numerical information for that Class of Business for that type of insurance contract with the same item of information for the Class of Business for that type of contract in which that item of information is the largest.
      (b) Where an item of numerical information in respect of a type of insurance contract for a Class of Business is less than two per cent of the total such numerical information in respect of all types of insurance contract for that Class of Business, the Insurer may aggregate that numerical information for that type of insurance contract for that Class of Business with the same item of information for the type of insurance contract for that Class of Business in which that item of information is the largest.

      • PFN PIN 6.4.7 Guidance

        This rule establishes de minimis limits for an Insurer in respect of detailed numerical information presented by Class of Business or by type of insurance contract. Amounts below the de minimis limits may be aggregated together with other items of information in the same line or column of a form. Insurers are not required to apply the sub-Rules in the order that they are set out. However, Insurers should ensure that the Returns continue to comply with both sub-Rules after applying either. It is possible that applying the second sub-Rule to be applied could affect compliance with the first.


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

    • PFN PIN 6.4.8 PFN PIN 6.4.8

      Where an Insurer arranges its affairs such that a Cell or Long-Term Insurance Fund maintained by it pays or receives income in the form of interest, dividends, rental, recharge of management expenses or other Investment income, from another reporting unit of the Insurer, that income must be shown gross as an expense in the reporting unit bearing the expense, and as income in the reporting unit receiving the income. Where however the same reporting unit records the income and the expense, the two must be netted off.

      • PFN PIN 6.4.8 Guidance

        This rule establishes accounting policy in respect of transactions between reporting Units. Internal recharges within an Insurer should be shown as such where they are external to a reporting unit of that Insurer. However, where a reporting unit (for example, the Global Return of an Insurer that is not a Protected Cell Company, and that maintains one or more Long-Term Insurance Funds) includes both 'sides' of the internal Transaction, the internal Transaction must be eliminated by Netting off the income and expense.


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