• CAPI Part 2.1 CAPI Part 2.1 Prudential requirements—general

    • CAPI 2.1.1 CAPI 2.1.1 Financial resources—general requirement

      (1) A firm that is a QFC captive insurer must have, at all times, financial resources of the kinds and amounts required by, and calculated in accordance with, this chapter.
      (2) A firm must also have, at all times, additional financial resources that are adequate for the nature, size and complexity of its business to ensure that there is no significant risk that liabilities cannot be met as they fall due.
      (3) A firm must have systems and controls to enable it—
      (a) to monitor its minimum capital and solvency requirements; and
      (b) to show, at all times, whether it complies with this part.
      Derived from QFCRA RM/2011-1 (as from 1st July 2011)

      • CAPI 2.1.1 Guidance

        For rule 2.1.1(2), the firm's governing body should assess whether the minimum financial resources required by these rules are adequate for the firm's business. Additional financial resources should be maintained by the firm if its governing body considers that the required minimum financial resources do not adequately reflect the risks of the firm's business.

        Derived from QFCRA RM/2011-1 (as from 1st July 2011)

    • CAPI 2.1.2 References to particular currencies

      In these rules, the specification of an amount of money in a particular currency is also taken to specify the equivalent sum in any other currency at the relevant time.

      Inserted by QFCRA RM/2015-1 (as from 1st July 2015).