• PINS Part 12.5 PINS Part 12.5 Limitations on distributions by QFC incorporated insurers in run-off

    Editorial changes (as from 1 January 2015).

    • PINS 12.5.1 Insurer in run-off not to make distributions

      (1) An insurer incorporated in the QFC in run-off must not make any distribution to shareholders or members of the insurer, whether by way of dividends or otherwise, or any payment of management fees (other than fees payable under a contract notified to the Regulatory Authority in accordance with PINS Rule 12.4.2), without the written consent of the Regulatory Authority.
      (2) Any such distribution or return of capital or payment of management fees must be made within the period, if any, specified in the written notice of consent given by the Regulatory Authority.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016).