• PINS Part 5.4 PINS Part 5.4 Segregation of assets and liabilities

    Editorial changes (as from 1 January 2015).

    • PINS 5.4.1 Separate identification of assets, liabilities, revenues and expenses

      An insurer that is required under PINS rule 5.2.1 to establish and maintain 1 or more long term insurance funds, or has attributed contracts of insurance in PINS category 1 to a long term insurance fund under PINS Rule 5.3.2(2), must:

      (a) identify separately in its books and records the assets, liabilities, revenues and expenses attributable to that business; and
      (b) ensure those assets, liabilities, revenues and expenses are recorded separately and accounted for as a long term insurance fund.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • PINS 5.4.2 Recording of assets, liabilities, revenues and expenses

      An insurer must record all assets, liabilities, revenues and expenses in respect of a contract of insurance that is attributed to a long term insurance fund as assets, liabilities, revenues and expenses of that long term insurance fund.

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

    • PINS 5.4.3 PINS 5.4.3 Attribution of assets not al attributed

      An insurer may at any time attribute any of its assets to a long term insurance fund that were not previously attributed to such a long term insurance fund.

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

      • PINS 5.4.3 Guidance

        A transaction described in PINS Rule 5.4.3 is sometimes described as a transfer of capital into the long term insurance fund.

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

    • PINS 5.4.4 Recording of revenues and expenses

      All revenues and expenses arising by way of earnings, revaluation or other change to the assets and liabilities of a long term insurance fund must be recorded as revenues and expenses, or movements in capital, of that long term insurance fund.

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

    • PINS 5.4.5 Accounting and other records to be maintained

      An insurer must maintain adequate accounting and other records to identify the contracts and the assets, liabilities, revenues and expenses attributable to the long term insurance fund in accordance with the requirements of Part 5.4.

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