• Division 1.2.C Division 1.2.C Key terms and basic concepts

    Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

    • PINS 1.2.3 Who is a QFC insurer (or insurer)?

      A QFC insurer (or insurer) is an authorised firm with an authorisation to conduct insurance business.

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

    • PINS 1.2.4 What is insurance business?

      Insurance business is the business of conducting either or both of the following regulated activities:

      (a) effecting contracts of insurance;
      (b) carrying out contracts of insurance.

      Note Regulated activity and the regulated activities mentioned in this definition are defined in the glossary.

      Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

    • PINS 1.2.5 Types of insurance business

      (1) General insurance business is insurance business in relation to general insurance contracts.
      (2) Long term insurance business is insurance business in relation to long term insurance contracts.
      Inserted by QFCRA RM/2011-4 (as from 1st July 2011).

    • PINS 1.2.6 Types of insurance contracts

      (1) A general insurance contract is a contract of insurance that is a General Insurance Contract under the Financial Services Regulations, Schedule 3, Part 3, paragraph 10.3.
      (2) A long term insurance contract is a contract of insurance that is a Long Term Insurance Contract under the Financial Services Regulations, Schedule 3, Part 3, paragraph 10.4.
      Editorial changes (as from 1 January 2015).

    • PINS 1.2.7 Takaful insurance concepts

      (1) A takaful entity is:
      (a) an Islamic financial institution that conducts takaful business; or
      (b) a QFC insurer operating an Islamic window.
      (2) Takaful business is the part of insurance business conducted by a takaful entity that is Islamic financial business.

      Note Insurance business is defined in r 1.2.4.
      (3) A takaful fund is a fund established and maintained by a takaful entity under rule 6.2.1 for its takaful business.
      Amended by QFCRA RM/2015-3 (as from 1st January 2016)
      Amended by QFCRA RM/2021-1 (as from 1st July 2021).

    • PINS 1.2.8 PINS categories

      (1) For these rules, general insurance business is divided into 4 PINS categories, as follows:
      (a) PINS category 1 — general insurance business that falls under general insurance category 1 or 2;
      (b) PINS category 2 — general insurance business that falls under general insurance category 3 or 18;
      (c) PINS category 3 — general insurance business that falls under general insurance category 4, 5, 6, 7, 8, 9, 16 or 17;
      (d) PINS category 4 — general insurance business that falls under general insurance category 10, 11, 12, 13, 14 or 15.
      (2) In subrule (1)—

      general insurance category means a category of general insurance set out in FSR, Schedule 3, Part 3, paragraph 10.3.
      Editorial changes (as from 1 January 2015).