(1) The DFSA may, based on the business and risk profile of a Class 2 Captive Insurer, specify in writing a higher Minimum Capital Requirement than the figure set out in PIN Rule A4.2.3(b), but the amount specified must be less than $1,000,000.
(2) The DFSA may, in setting a higher amount under (1), take into account factors relating to the nature, size and complexity of the business or operations of the Insurer, including:
(a) the percentage of Gross Written Premium obtained from Contracts of Insurance that relate to risks arising out of the business or operations of the Group as compared to the total Gross Written Premium;
(b) the Classes of Business covered in Contracts of Insurance effected by the Captive Insurer;
(c) the type of Policyholders of Contracts of Insurance effected by the Captive Insurer; and
(d) risks arising from the nature, size and complexity of the business of the Group, that affect or are likely to affect the Captive Insurer’s activity.
Derived from DFSA RMI296/2021 (Made 24th February 2021). [VER17/04-21]