(1) PIN Section 8.3 does not apply to an
Insurer's Financial Group is already the subject of Financial Group prudential supervision by the DFSA as a result of the authorisation of another Financial Group member; or
DFSA has confirmed in writing, in response to an application from the Insurer, that it is satisfied that the Insurer's Group is the subject of consolidated prudential supervision by an appropriate regulator; or
(c) except where the
DFSA has directed the inclusion of an entity pursuant to PIN Rule 8.1.2(1), the percentage of total assets of Authorised Firms and Financial Institutions in the Financial Group is less than 40% of the total Financial Group assets.
(2) Where an Insurer has received confirmation in writing from the
DFSA in accordance with (1)(b), it must immediately advise the DFSA in writing if the circumstances upon which the confirmation was based change.
[Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]