PINS 12.4.2 Insurer with business in run-off to notify authority of certain contracts

(1) An insurer to which this Part applies must—
(a) within 10 business days after the day its insurance business enters into run-off, tell the Regulatory Authority about the existence and principal features of any notifiable contract that existed at the time the business entered into runoff; and
(b) within 10 business days after the day it enters into a notifiable contract in relation to its insurance business in runoff, tell the Regulatory Authority about the existence and principal features of the contract.
(2) To remove any doubt, subrule (1) (b) applies whether or not the insurance business is conducted through a takaful fund or long term insurance fund that is in run-off.
(3) In this rule:

notifiable contract means—
(a) a contract with a personrelated to the insurer, other than a contract of insurance effected by the insurer before going into run-off;
(b) a contract with any person relating to the management of all or any of the insurance business in run-off;
(c) a contract with any person for reinsurance of all or any of the insurance business in run-off; or
(d) any other contract with a person mentioned in paragraph (b) or (c) or a person related to such a person.
Editorial changes (as from 1 January 2015).