PINS Glossary

(r 1.1.2)

AAOIFI means the Accounting and Auditing Organisation for Islamic Financial Institutions.

actuarial function means the function described in CTRL, rule 1.2.15.

approved actuary for an insurer means an individual approved by the Regulatory Authority to exercise the actuarial function for the insurer.

asset risk component has the meaning given in rule A3.2.1.

authorisation means an authorisation granted under FSR, Part 5.

authorised firm (or firm) means a person that has been granted an authorisation in accordance with FSR, Part 5.

carrying out a contract of insurance means the regulated activity described in the Financial Services Regulations, Schedule 3, Part 2, paragraph 3.

Note Regulated activity is defined in this glossary.

category of contracts of insurance means a category of such contracts described in FSR, Schedule 3, Part 3, paragraph 10.

contract of insurance means the specified product described in FSR, Schedule 3, Part 3, paragraph 10.

counterparty means a person with whom an insurer conducts, or intends to conduct, insurance or associated business.

CTRL means the Governance and Controlled Functions Rules 2020.

effecting a contract of insurance means the regulated activity described in the Financial Services Regulations, Schedule 3, Part 2, paragraph 2.

eligible capital has the meaning given by rule 4.2.1.

equity investment includes:

(a) an equity share;
(b) participation in a collective investment scheme (whether or not the underlying investments are themselves equity investments);
(c) participation in a joint venture; and
(d) a certificate of mudaraba or musharaka.

extreme event means an unusual high-impact or catastrophic event the occurrence of which could have a significant effect on an insurer's solvency.

financial condition report has the meaning given by rule 9.1.2 (1).

firm (or authorised firm) means a person that has been granted an authorisation in accordance with FSR, Part 5.

FSR means the Financial Services Regulations.

general insurance business has the meaning given by rule 1.2.5 (1).

general insurance contract has the meaning given by rule 1.2.6 (1).

general insurer means an insurer that conducts general insurance business.

governing body has the meaning given by CTRL, rule 1.2.1.

group risk has the meaning given in Schedule 1, guidance S8.1.

insurance business has the meaning given by rule 1.2.4.

Note Insurance business has a special meaning in ch 11 (see r 11.1.4).

insurance concentration risk component, in relation to an insurer, has the meaning given in rule A3.10.2.

insurance liabilities, of an insurer, means liabilities of the insurer arising out of its general insurance business and long-term insurance business.

insurance risk requirement has the meaning given in rule 3.6.1.

insurer (or QFC insurer) has the meaning given by rule 1.2.3.

Note Insurer has a special meaning in ch 11 (see r 11.1.3).

internal model, for an insurer, means the model approved by the Regulatory Authority for calculating all or part of the insurer's risk-based capital requirement.

Note An approved internal model may be used to replace specified components of the operational, investment and insurance risk requirements of an insurer (see r 3.8.1 (b)).

investment-linked insurance means insurance where the benefits under a contract of insurance are wholly or partly determined by reference to:

(a) the value of, or the income from, property of any description (whether or not specified in the contracts); or
(b) fluctuations in, or in an index of, the value of property of any description (whether or not so specified).

investment risk requirement has the meaning given in rule 3.5.1.

Islamic financial business has the meaning given by CTRL, rule 9.1.2.

Islamic financial institution means an authorised firm whose authorisation incudes a condition that the whole of the firm’s business must be conducted in accordance with Shari’a.

long term insurance business has the meaning given by rule 1.2.5 (2).

long term insurance contract has the meaning given by rule 1.2.6 (2).

long term insurance fund means a fund established by an insurer for the purposes of Chapter 5.

long-term insurance risk component has the meaning given in rule A3.9.2.

lower tier 2 capital means capital that is lower tier 2 capital under the table in rule 4.2.2.

MCR means minimum capital requirement.

minimum capital requirement (MCR) has the meaning given in rule 3.3.1.

month means calendar month — that is, the period beginning at the start of any day of one of the 12 named months of the year and ending:

(a) at the end of the day before the corresponding day of the next named month; or
(b) if there is no corresponding day — at the end of the last day of the next named month.

owners' equity, for a takaful entity, means the amount of the entity's assets, less its liabilities, that are not attributed to a takaful fund of the entity.

Note Takaful entity and takaful fund are defined in r 1.2.7.

PINS category (whether or not followed by a number) has the meaning given by rule 1.2.8.

policy benefit means an amount payable under a contract of insurance as a result of the occurrence of an event insured against under the contract.

premium liability has the meaning given in rule 8.6.7.

profit equalisation reserve, for a takaful entity, means the amount appropriated out of the mudaraba income, before allocating the mudarib's share, to maintain a certain level of investment returns for investment account holders and to increase owners' equity.

QFC means Qatar Financial Centre.

QFC captive insurer means an authorised firm that has an authorisation for captive insurance business under CAPI.

QFC insurer (or insurer) has the meaning given by rule 1.2.3.

Note Insurer has a special meaning in ch 11 (see r 11.1.3).

reference date for a financial condition report means the date on which the actuary who prepared the report signed it.

Regulatory Authority means the Regulatory Authority of the QFC.

regulated activity means an activity that is a regulated activity under the Financial Services Regulations.

relevant scheme has the meaning given in FSR, article 94 (4).

risk-based capital requirement has the meaning give in rule 3.4.1.

risk management strategy, of an insurer, means the document described in Part 2.2.

scheme report means the report that, under FSR, art 97, must accompany a relevant scheme.

senior management, of an insurer, has the meaning given in CTRL, rule 4.1.1.

senior manager of an insurer means an individual employed by the insurer or a member of the insurer's group who is responsible, alone or with others, for managing and supervising 1 or more elements of the insurer's business.

solvency reference date for an insurer means a date at which the insurer's compliance with the capital adequacy requirements of these rules is assessed.

takaful business has the meaning given by rule 1.2.7 (2).

takaful entity has the meaning given by rule 1.2.7 (1).

takaful fund has the meaning given by rule 1.2.7 (3).

tier 1 capital means capital that is tier 1 capital under the table in rule 4.2.2.

tier 2 capital means capital that is upper tier 2 capital or lower tier 2 capital under the table in rule 4.2.2.

upper tier 2 capital means capital that is upper tier 2 capital under the table in rule 4.2.2.

Amended by QFCRA RM 2019-1 (as from 28th March 2019)
Amended by QFCRA RM/2021-1 (as from 1st July 2021).