PINS 5.5.2 Assets of long term insurance funds not to be transferred
An insurer must ensure assets attributable to a long term insurance fund are not transferred so as to be available for other purposes of the insurer except:
(a) where the transfer constitutes appropriation of a surplus determined in accordance with rule 9.1.3(4)(g), provided that the transfer is performed within 4 months of the reference date of the financial condition report that this determination forms part of;
(b) where the transfer constitutes a payment of dividend or return of capital, in accordance with PINS Rule 5.5.4;
(c) where the transfer is made in exchange for other assets at fair value;
(d) where the transfer constitutes reimbursement of expenditure borne on behalf of the long term insurance fund and in respect of expenses attributable to the long term insurance fund; or
(e) where the transfer constitutes reattribution of assets attributed to the long term insurance fund in error.
|Amended by QFCRA RM 2019-1 (as from 28th March 2019).|