PINS 12.1.2 Meanings of terms relating to run-off

In this Chapter:

(a) an insurer in run-off means an insurer that has ceased to effect contracts of insurance in respect of the whole or a category of its insurance business (or, in the case of a branch, the whole or a category of its QFC insurance business), and a takaful fund in run-off and a long term insurance fund in run-off are construed accordingly; and
(b) going into run-off or placing insurance business into run-off means ceasing to effect contracts of insurance, and placing a takaful fund or a long term insurance fund into run-off are construed accordingly.
Amended by QFCRA RM/2015-3 (as from 1st January 2016).