PINS 10.1.10 Notices to provide information about group financial resources

(1) The Regulatory Authority may, by written notice, require an insurer to give it, within 90 days or a stated shorter reasonable period, a statement of the consolidated financial position of the insurer's group, made up:
(a) as at a date specified in the notice, and
(b) in accordance with principles stated in the notice.
Guidance

An insurer would normally be allowed to comply with a notice under rule 10.1.10 by providing a copy of a statement made up in compliance with an equivalent or substantially equivalent regulatory requirement to which the insurer or a subsidiary or associate is subject in another jurisdiction. If the statement is not in English, the insurer must also provide a certified translation of the statement into English (see GENE, r 5.1.2).
(2) The Regulatory Authority may, by written notice, require an insurer to give it, within 90 days or a stated shorter reasonable period, information about any of the following:
(a) another entity or other entities in the insurer's group;
(b) the structure of its group;
(c) the relationships between entities in its group;
(d) the procedures and controls to manage group risk in the group;
(e) any other matter relevant to the supervision of the insurer.
Example of when Regulatory Authority might require additional information

The Regulatory Authority might require an insurer to give it additional information:
•    if the group is conducting an intra-group transaction that may adversely affect the solvency or financial position of the insurer
•    if there are risks that arise from the existence of a non-regulated entity within or connected to the group and may adversely affect the solvency position of the insurer.
(3) An insurer must comply with a requirement under subrule (1) or (2).

Note See FSR, art 48 (Power to obtain documents and information).
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).