• PINS Part 3.2 PINS Part 3.2 General requirement

    Editorial changes (as from 1 January 2015).

    • PINS 3.2.1 Insurers' eligible capital

      An insurer must at all times have eligible capital equal to or higher than the amount of its minimum capital requirement as determined by PINS Rule 3.3.1.

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

    • PINS 3.2.2 PINS 3.2.2 Insurers to have appropriate systems and controls

      For the purposes of rule 1.2.2 and rule 3.2.1, the Governing Body of an insurer must ensure suitable systems and controls are in place to allow it to identify, manage and monitor the risks associated with the insurer's business activities to ensure the insurer holds capital commensurate with its overall risk profile.

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

      • PINS 3.2.2 Guidance

        Rules for determining eligible capital are contained in Chapter 4.

        Editorial changes (as from 1 January 2015).

    • PINS 3.2.3 PINS 3.2.3 [Deleted]

      Deleted by QFCRA RM/2013-1 (as from 1st January 2015).

      • PINS 3.2.3 Guidance [Deleted]

        Deleted by QFCRA RM/2013-1 (as from 1st January 2015).

    • PINS 3.2.4 PINS 3.2.4 Insurers to be able to demonstrate compliance

      An insurer's systems and controls for the purposes of PINS Rule 3.2.2 must allow the insurer to demonstrate to the Regulatory Authority, if at any time it is asked to do so by the Regulatory Authority, the insurer's compliance with rule 1.2.2 and rule 3.2.1.

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

      • PINS 3.2.4 Guidance

        As an insurer is required to maintain adequate financial resources at all times, its systems and controls need to enable the governing body to determine and monitor the capital requirements of the insurer and the financial resources it has available, and to identify occurrences where the financial resources fall short of the capital requirements of the insurer, or where they may fall short in the future.

        Amended by QFCRA RM/2012-5 (as from 1st July 2013).

    • PINS 3.2.5 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).