PINS 1.2.2 PINS 1.2.2 Financial resources — general requirement(1) A QFC insurer (other than a QFC captive insurer) must at all times have financial resources of the kinds and amounts required by, and calculated in accordance with, these rules.
Note QFC insurer (or insurer) is defined in r 1.2.3.(2) An insurer must also at all times have additional financial resources that are adequate for the nature, size and complexity of its business to ensure that there is no significant risk that its liabilities cannot be met as they fall due.
Inserted by QFCRA RM/2011-4 (as from 1st July 2011).
PINS 1.2.2 Guidance
For rule 1.2.2 (2), the insurer's governing body should assess whether the minimum financial resources required by these rules are adequate for the firm's business. Additional financial resources should be maintained by the insurer if its governing body considers that the required minimum financial resources do not adequately reflect the risks of the firm's business.
Amended by QFCRA RM/2012-5 (as from 1st July 2013).