• PINS Part 12.2 PINS Part 12.2 Insurers ceasing to effect contracts of insurance in a category

    Editorial changes (as from 1 January 2015).

    • PINS 12.2.1 Application of Part 12.2

      This Part applies to an insurer that ceases or decides to cease to effect new or to renew contracts of insurance:

      (a) in a category in which the insurer has previously effected insurance business; or
      (b) in respect of a takaful fund or a long term insurance fund, in a category in which the insurer has previously effected insurance business through that takaful fund or long term insurance fund.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • PINS 12.2.2 Insurers to give notice of decision to cease business

      An insurer to which this Part applies must, within 28 days of a decision to cease to effect new contracts of insurance in a category, notify the Regulatory Authority of its decision, in a notice specifying the following details:

      (a) the effective date of the decision to cease effecting contracts of insurance;
      (b) the category to which the decision relates;
      (c) where relevant, the takaful fund or long term insurance fund to which the decision relates.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).

    • PINS 12.2.3 Insurers in run-off not to effect certain contracts

      An insurer who has provided a notice to the Regulatory Authority in accordance with PINS Rule 12.2.2 must not effect any contracts of insurance in that category without the written permission of the Regulatory Authority. Where the notice referred to in PINS Rule 12.2.2 relates to a takaful fund or long term insurance fund of the insurer, the restriction set out in this rule applies only to that takaful fund or long term insurance fund.

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