PINS 3.9.1 Possible breach of r 1.2.2 or ch 3

If an insurer becomes aware, or has reasonable grounds to believe, that it may be, or may be about to be, in breach of rule 1.2.1 or any provision of this Chapter, it must—

(a) tell the Regulatory Authority orally about the matter immediately, but within 1 business day;
(b) by notice given to the authority by no later than the next business day
(i) confirm the oral notification;
(ii) explain why the insurer considers it may be, or may be about to be, in breach of the provision; and
(iii) set out the action that the insurer proposes to take to avoid the breach; and
(c) not make any distribution to its shareholders or members, whether by way of dividends or otherwise, without the authority's written permission.
Examples — meaning of 'within 1 business day'

1 If, on a business day, the insurer becomes aware that it may be in breach of this Chapter or rule 1.2.2, the insurer must tell the authority immediately, but on that day
2 If, on a day that is not a business day, the insurer becomes aware that it may be in breach of this Chapter or rule 1.2.2, the insurer must tell the authority immediately, but by no later than the next business day.
Editorial changes (as from 1 January 2015).