• PINS Part 5.2 PINS Part 5.2 Establishment of long term insurance funds

    Editorial changes (as from 1 January 2015).

    • PINS 5.2.1 Long term insurance funds to be established

      An insurer conducting long term insurance business must either:

      (a) establish and maintain 1 or more long term insurance funds; or
      (b) notify the Regulatory Authority that the insurer is deemed to constitute a single long term insurance fund.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • PINS 5.2.2 PINS 5.2.2 [Deleted]

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

      • PINS 5.2.2 Guidance [Deleted]

        Deleted by QFCRA RM/2007-01 (as from 1st July 2007).

    • PINS 5.2.3 Treatment of branches

      (1) A branch that is subject to a regulatory requirement in another jurisdiction to arrange its affairs in a manner that is equivalent or substantially equivalent to the requirements of this Part, may make an application to the Regulatory Authority for that arrangement of its affairs to be deemed for the purposes of these rules to constitute a long term insurance fund.
      (2) If the Regulatory Authority approves that application, it must inform the branch in writing, and must state in its notice to the branch the manner in which the arrangement will be deemed for the purpose of these rules to constitute a long term insurance fund.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • PINS 5.2.4 Insurer deemed to constitute long term insurance fund to be treated as though it had established such fund

      An insurer that is deemed, in accordance with rule 5.2.1 (b), to constitute a single long term insurance fund shall be treated for all purposes relating to these rules as though the insurer had established a long term insurance fund to which all of the assets and liabilities of the insurer are attributed.

      Editorial changes (as from 1 January 2015).