• PINS Part 11.1 PINS Part 11.1 Transfer of insurance business — general

    Editorial changes (as from 1 January 2015).

    • PINS 11.1.1 PINS 11.1.1 Application — ch 11

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

      Note QFC insurer is defined in r 1.2.3.

      Editorial changes (as from 1 January 2015).

      • PINS 11.1.1 Guidance

        1. A transfer of insurance business, or relevant scheme, is the transfer of all the rights and obligations associated with this business from 1 insurer (the transferor) to another insurer (the transferee). When the transfer is complete, the transferee insurer is augmented by the assets and liabilities (and all future and past incidents attaching to those assets and liabilities) of the transferor insurer so that the policyholders and reinsurers continue to be subject to the same terms and conditions as those originally agreed. A transferor may transfer all its insurance business, or only some (such as a class or classes of insurance business).
        2. Transfers of insurance business can be undertaken for a variety of reasons, including restructuring (for example, exiting a line of business), assisting an QFC insurer in financial difficulty, and protecting policyholders. A relevant scheme does not refer to the ceding (reinsuring) of some or all of its policyholder liabilities to another insurer (reinsurer).
        Amended by QFCRA RM/2013-1 and Editorial changes (as from 1st January 2015).

    • PINS 11.1.2 Purpose — ch 11

      The purpose of this Chapter is to make rules under the Financial Services Regulations, article 103 modifying those regulations, Part 16 (Control of Business Transfers) in relation to the requirements for a relevant scheme.

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

    • PINS 11.1.3 Special meaning of insurer in ch 11

      (1) A reference in this Chapter to an insurer includes, but is not limited to, a QFC insurer.
      (2) In this rule:
      QFC insurer means an authorised firm with an authorisation to conduct insurance business.

      Note Insurance business is defined in r 1.2.4.
      Amended by QFCRA RM/2013-1 and Editorial changes (as from 1st January 2015).

    • PINS 11.1.4 Special meaning of insurance business in ch 11

      A reference in this Chapter to insurance business includes, but is not limited to, insurance business as defined in rule 1.2.4.

      Editorial changes (as from 1 January 2015).