• PINS Part 3.1 PINS Part 3.1 Application and purpose

    Editorial changes (as from 1 January 2015).

    • PINS 3.1.1 PINS 3.1.1 Application of Chapter 3

      This Chapter applies to every insurer (other than a QFC captive insurer) incorporated in the QFC.

      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

      • PINS 3.1.1 Guidance

        1. The amount of capital is fundamental to the financial strength of an insurer. It provides a buffer against losses that have not been anticipated and, in the event of problems, enables the insurer to continue operating while those problems are addressed or resolved. In this way, the maintenance of adequate financial resources can engender confidence on the part of policyholders, creditors and the market more generally in the financial soundness and stability of the insurer. An insurer's financial resources must be adequate for the nature, scale and complexity of its business.
        2. The purpose of this Chapter is to require QFC incorporated insurers to meet at all times a minimum capital requirement that is responsive to the risk profile of each insurer and is calculated in accordance with the Rules of this Chapter.

        Note This Chapter does not apply to an insurer authorised to conduct insurance business in or from the QFC as a branch. Such an insurer will be subject to the regulatory capital requirements in the jurisdiction where it is incorporated.

        Amended by QFCRA RM/2013-1 and Editorial changes (as from 1st January 2015).

    • PINS 3.1.2 [Deleted]

      Deleted by QFCRA RM/2011-2 (as from 1st July 2011).