PINS 8.4.5 Derecognising liabilities

(1) An insurance liability (or a part of an insurance liability) must not be derecognised until the obligation giving rise to the liability expires or is discharged or cancelled.
(2) To avoid doubt, if reinsurance covering the liability (or part of the liability) is purchased, the liability must not be derecognised unless the purchase results in the discharge or cancellation of the obligation giving rise to the liability.
Inserted by QFCRA RM/2013-1 (as from 1st January 2015).