PINS 5.5.4 Payment of dividends by insurers constituting single long term insurance funds

An insurer that is deemed to constitute a single long term insurance fund may only make a dividend or return of capital where the dividend or return of capital constitutes appropriation of a surplus determined in accordance with rule 9.1.3(4)(g), and:

(a) if the payment is made within 4 months of the reference date of the actuarial investigation (the financial condition report) determining that surplus, the payment does not cause the total aggregate amount of the dividends or returns of capital made by the insurer since that reference date to exceed the amount of that surplus; or
(b) if the payment is made more than 4 months after the reference date of the actuarial investigation (the financial condition report) determining that surplus, the payment does not cause the total aggregate amount of the dividends or returns of capital made by the insurer since that reference date to exceed 50% of the amount of that surplus.
Amended by QFCRA RM 2019-1 (as from 28th March 2019).