Insurance Business Rules 2006 (PINS)

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Insurance Business Rules 2006 (PINS)
Background to this Rulebook [Deleted]
PINS Chapter 1
General provisions
PINS Part 1.1 Introductory
PINS Part 1.2 General
PINS Part 1.3 Governing Body Certification
PINS Part 1.4 Prudential returns
PINS Part 1.5 Restrictions on insurance business
PINS Chapter 2
Risk management
PINS Part 2.1 General
PINS Part 2.2 Risk management strategy
PINS Part 2.3 Risk management policy
PINS Part 2.4 Own risk and solvency assessment
PINS Chapter 3
Minimum Capital Requirement
PINS Part 3.1 Application and Purpose
PINS Part 3.2 General Requirement
PINS Part 3.3 Minimum capital requirement
PINS Part 3.4 Risk-based capital requirement
PINS Part 3.5 Investment risk requirement
PINS Part 3.6 Insurance risk requirement
PINS Part 3.7 Operational risk requirement
PINS Part 3.8 Internal Modelling
PINS Part 3.9 Failure to maintain appropriate financial resources or comply with capital requirements
PINS Chapter 4
Eligible Capital
PINS Part 4.1 Application and Purpose
PINS Part 4.2 Calculation of Eligible Capital
PINS Part 4.3 Components of Capital: tier 1
PINS Part 4.4 Components of Capital: tier 2
PINS Part 4.5 External Opinion on tier 2 capital
PINS Part 4.6 Deductions from Total of tier 1 and tier 2 capital
PINS Part 4.7 Limits on the use of Different Forms of Capital
PINS Part 4.8 Reduction of Eligible Capital
PINS Part 4.9 Notification
PINS Chapter 5
Additional Requirements for Long Term Insurance Business
PINS Part 5.1 Application and Purpose
PINS Part 5.2 Establishment of Long Term Insurance Funds
PINS Part 5.3 Attribution of Contracts to a Long Term Insurance Fund
PINS Part 5.4 Segregation of Assets and Liabilities
PINS Part 5.5 Limitation on use of Assets in Long Term Insurance Fund
PINS Chapter 6
Additional Requirements for Takaful Entities
PINS Part 6.1 Application and Purpose
PINS Part 6.2 Establishment of Takaful Funds
PINS Part 6.3 Attribution of Contracts to a Takaful Fund
PINS Part 6.4 Segregation of Takaful Funds
PINS Part 6.5 Loans from a Takaful Fund
PINS Part 6.6 Distribution of a Surplus or Funding a Deficit in a Takaful Fund
PINS Chapter 7 [Deleted]
Additional Requirements for Protected Cell Companies
PINS Part 7.1 Application and Purpose [Deleted]
PINS Part 7.2 General Requirement [Deleted]
PINS Part 7.3 Eligible Capital for Protected Cell Companies [Deleted]
PINS Part 7.4 Capital Adjustment to Eligible Capital [Deleted]
PINS Chapter 8
Matching and valuing assets and liabilities of insurers
PINS Part 8.1 General
PINS Part 8.2 Measuring assets and liabilities
PINS Part 8.3 Classification of insurance contracts
PINS Part 8.4 Basic Principles of Recognition and Measurement
PINS Part 8.5 Discount rate
PINS Part 8.6 Recognition and Measurement of Insurance Assets and Liabilities in Respect of General Insurance Business
PINS Part 8.7 Recognition and Measurement of Assets and Liabilities in Respect of Long Term Insurance Business
PINS Part 8.8 Methods, assumptions and projections
PINS Chapter 9
Actuarial reporting
PINS Part 9.1 Insurers that are required to have approved actuaries
PINS Part 9.2 Insurers that are not required to have approved actuaries
PINS Part 9.3 Reporting Requirements Performed by the Actuarial Function [Deleted]
PINS Part 9.4 Actuarial Reporting Requirements for General Insurance Business [Deleted]
PINS Part 9.5 Financial Condition Report [Deleted]
PINS Part 9.6 Independent Actuarial Report [Deleted]
PINS Part 9.7 Criteria for Reporting Actuary [Deleted]
PINS Chapter 10
Insurers that are members of groups
PINS 10.1.1 Application of ch 10
PINS 10.1.2 Purpose of ch 10
PINS 10.1.3 Ch 10 in addition to other Regulatory Authority powers
PINS 10.1.4 Powers under FSR not affected
PINS 10.1.5 Group structure
PINS 10.1.6 Direction regarding capital resources
PINS 10.1.7 Intra-group transactions
PINS 10.1.8 Certain transactions to be inquired into by insurer's governing body
PINS 10.1.9 Directions about certain intra-group matters
PINS 10.1.10 Notices to provide information about group financial resources
PINS Chapter 11
Transfer of Insurance Business
PINS Part 11.1 Transfer of insurance business — general
PINS Part 11.2 Scheme Report
PINS Part 11.3 Notification of Proposed Transfer
PINS Chapter 12
Insurers in Run-off
PINS Part 12.1 Application and Purpose
PINS Part 12.2 Insurers Ceasing to Effect Contracts of Insurance in a Category
PINS Part 12.3 Run-off Plans
PINS Part 12.4 Provisions in Respect of Contracts Relating to Insurance Business in Run-off
PINS Part 12.5 Limitations on Distributions by QFC Incorporated Insurers in Run-off
Schedule 1
Guidance about what should be included in insurer's risk management policy
PINS Part S1 Credit risk
PINS Part S2 Balance sheet and market risk
PINS Part S3 Reserving risk
PINS Part S4 Insurance risk
PINS Part S5 Reinsurance risk
PINS Part S6 Operational risk
PINS Part S7 Concentration risk
PINS Part S8 Group risk
PINS App1 [Deleted]
Risk Management Policy
PINS App1 Guidance [Deleted]
PINS A1.1 Credit Risk [Deleted]
PINS A1.2 Balance Sheet and Market Risk [Deleted]
PINS A1.3 Reserving Risk [Deleted]
PINS A1.4 Insurance and Reinsurance Risk [Deleted]
PINS A1.5 Operational Risk [Deleted]
PINS A1.6 Group Risk [Deleted]
PINS Schedule 2
Capital
PINS A2.1 Stress and Scenario Testing
PINS Schedule 3
Risk Based Capital Requirement
PINS Part A3.1 Interpretation
PINS Part A3.2 Asset risk component
PINS Part A3.3 [Deleted]
PINS Part A3.4 Off-Balance Sheet Asset Risk Component
PINS Part A3.5 Off-Balance Sheet Liability Risk Component
PINS Part A3.6 [Deleted]
PINS Part A3.7 Premium risk component
PINS Part A3.8 Technical provision risk component
PINS Part A3.9 Long-term insurance risk component
PINS Part A3.10 Insurance concentration risk component
PINS App4
Reporting to Regulatory Authority
PINS A4.1 Preparation and Submission of Prudential Returns
PINS Glossary


Amended by QFCRA RM/2017-3 (as from 1st April 2017).