CTRL 6.5.1 Which QFC insurers must have actuarial function?

(1) This rule applies to a QFC insurer if:
(a) the insurer conducts long term insurance business (within the meaning given by PINS, rule 1.2.5 (2)); or
(b) the insurer conducts general insurance business (within the meaning given by PINS, rule 1.2.5 (1)), and:
(i) more than 15% of the insurer’s gross outstanding liabilities are attributable to contracts of insurance for general insurance business in PINS category 1; or
(ii) more than 20% of the insurer’s gross outstanding liabilities are attributable to contracts of insurance for general insurance business in PINS category 4.
(2) However, this rule does not apply to a QFC captive insurer.
Note For the obligations of a QFC captive insurer in relation to the actuarial function, see CAPI, Chapter 7.
(3) A QFC insurer to which this rule applies must establish and maintain an actuarial function that is appropriate to the nature, scale and complexity of the insurer’s business.
(4) In subrule (1):
PINS category 1 and PINS category 4 have the respective meanings given by PINS, rule 1.2.8.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)