• PIN 6 PIN 6 FINANCIAL AND OTHER REPORTING BY INSURERS

    • PIN 6.1 PIN 6.1 Introduction

      • PIN 6.1.1

        This Chapter applies to all Insurers.

    • PIN 6.2 PIN 6.2 Forms

      • PIN 6.2.1

        The Regulator will specify from time to time forms which are to be used for the purposes of this Chapter.

    • PIN 6.3 PIN 6.3 Annual Regulatory Return

      • PIN 6.3.1

        An Insurer must, at the end of each financial year prepare an annual Regulatory Return.

        Amended on (3 February, 2020).

      • PIN 6.3.2 PIN 6.3.2

        Where an Insurer includes in its annual Regulatory Return a value for General Insurance Liabilities or for assets associated with those liabilities which is inconsistent with the amount referred to in Rule 7.2.4(b), the Insurer must notify the Regulator in writing of:

        (a) the reasons for not including the value of General Insurance Liabilities or of associated assets as reported by the Actuary in its annual Regulatory Return; and
        (b) details of the alternative assumptions and methodologies used for determining the value of General Insurance Liabilities or of associated assets.
        Amended on (3 February, 2020).

        • Guidance

          Assets that are associated with Insurance Liabilities will predominantly be reinsurance recoveries, which are reported as assets in accordance with widely accepted accounting practices. Assets representing salvage or subrogation recoveries may also be associated with Insurance Liabilities.

      • PIN 6.3.3

        Where an Insurer includes in its annual Regulatory Return a value for Long-Term Insurance Liabilities which is inconsistent with the amount referred to in Rule 7.3.6(b), the Insurer must notify the Regulator in writing of:

        (a) the reasons for not including in its annual Regulatory Return the value of Long-Term Insurance Liabilities as reported by the Actuary; and
        (b) details of the alternative assumptions and methods used by the Insurer for determining the value of Long-Term Insurance Liabilities.
        Amended on (3 February, 2020).

    • PIN 6.4 PIN 6.4 Quarterly Regulatory Return

      • PIN 6.4.1

        The quarterly Regulatory Return is not subject to audit.

        Amended on (3 February, 2020).

      • PIN 6.4.2

        An Insurer must, at the end of March, June, September and December in each calendar year, prepare a quarterly Regulatory Return in respect of the calendar quarter ending on that date.

        Amended on (3 February, 2020).

      • PIN 6.4.3

        The quarterly Regulatory Return must comprise the statements set out in APP10, together with any Supplementary Notes pertaining to those forms, and including a Statement by Directors.

        Amended on (3 February, 2020).

    • PIN 6.5 PIN 6.5 Audit of annual Regulatory Return

      • PIN 6.5.1

        Subject to Rule 6.5.2, the annual Regulatory Return of every Insurer must be audited in accordance with International Standards on Auditing relevant to the audit of the annual Regulatory Return, by the Insurer's auditor.

        Amended on (3 February, 2020).

      • PIN 6.5.2

        The quarterly Regulatory Return is not subject to audit. The qualifications and appointment of the auditor of an Authorised Person are specified in GEN Chapter 6.

        Amended on (3 February, 2020).

      • PIN 6.5.3

        The report of the auditor on the annual Regulatory Return must be made in writing to the directors of the Insurer and to the Regulator and must state whether, in the opinion of the Auditor and so far as concerns those parts of the annual Regulatory Return that are subject to audit:

        (a) the annual Regulatory Return has been prepared in accordance with this Chapter; and
        (b) the statements in the annual Regulatory Return are in accordance with the books and records of the Insurer.
        Amended on (3 February, 2020).

    • PIN 6.6 PIN 6.6 Submission of Returns to the Regulator

      • PIN 6.6.1

        Subject to Rule 6.6.2, an Authorised Person must, submit its annual Regulatory Return in writing to the Regulator within four months of the Insurer's reporting date to:

        ADGM Financial Services Regulatory Authority
        Supervision
        Level 4, ADGM Building
        PO Box 111999
        Abu Dhabi, U.A.E.

        Amended on (3 February, 2020).

      • PIN 6.6.2

        An Authorised Person must prepare and submit its annual Regulatory Return in the following manner:

        (a) the annual Regulatory Return, excepting the parts of the annual Regulatory Return referred to in (b) and (c), must be submitted to the Regulator using the Electronic Prudential Reporting System (EPRS) of the Regulator:
        (i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in APP10; and
        (ii) within four months of the Insurer's reporting date;
        (b) the Statement by Directors need not be submitted to the Regulator, but must be signed and a copy maintained in accordance with Rules 6.6.3 and 6.6.4; and
        (c) the Global Return for a Branch must be submitted in the manner provided in Rule 6.6.1.
        Amended on (3 February, 2020).

      • PIN 6.6.3

        The Statement by Directors forming part of the annual Regulatory Return must be signed before the time of submission by:

        (a) the Senior Executive Officer; and
        (b) a Director of the Insurer not being the Person in (a).
        Amended on (3 February, 2020).

      • PIN 6.6.4

        An original signed hard copy of the Statement by Directors together with a copy of the annual Regulatory Return submitted to the Regulator using EPRS, must be kept for at least six years for inspection by the Regulator.

        Amended on (3 February, 2020).

      • PIN 6.6.5

        The auditor's report on the annual Regulatory Return, and any actuarial report prepared as at the reporting date in accordance with Rule 7.2 or 7.3, must be submitted in writing by the Insurer with the Regulator within four months of the Insurer's reporting date.

        Amended on (3 February, 2020).

      • PIN 6.6.6

        An auditor's report or an actuarial report submitted to the Regulator must be signed by the auditor or the Actuary preparing that report.

      • PIN 6.6.7

        Subject to Rule 6.6.8, an Authorised Person must, submit its quarterly Regulatory Return in writing to the Regulator within one month of the end of each period in respect of which the Insurer is required to prepare a quarterly Regulatory Return to:

        ADGM Financial Services Regulatory Authority
        Supervision
        Level 4, ADGM Building
        PO Box 111999
        Abu Dhabi, U.A.E.

        Amended on (3 February, 2020).

      • PIN 6.6.8

        An Authorised Person must, prepare and submit its quarterly Regulatory Return in the following manner:

        (a) the quarterly Regulatory Return, excepting the parts of the quarterly Regulatory Return referred to in (b) and (c), must be submitted to the Regulator using EPRS:
        (i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in APP10; and
        (ii) within one month of the Insurer's reporting date;
        (b) the Statement by Directors must be signed and a copy maintained in accordance with Rules 6.6.9 and 6.6.10; and
        (c) the Global Return for a Branch must be submitted in the manner provided in Rule 6.6.7.
        Amended on (3 February, 2020).

      • PIN 6.6.9

        The Statement by Directors forming part of the quarterly Regulatory Return must be signed before the time of submission by:

        (a) if the Insurer is an ADGM Incorporated Insurer, one Director of the Insurer; or
        (b) if the Insurer is not an ADGM Incorporated Insurer, the Senior Executive Officer and, if that Person is not a Director, one Director of the Insurer.
        Amended on (3 February, 2020).

      • PIN 6.6.10

        An original signed hard copy of the Statement by Directors together with a copy of the quarterly Regulatory Return submitted to the Regulator using EPRS, must be kept for at least six years for inspection by the Regulator.

        Amended on (3 February, 2020).

      • PIN 6.6.11

        If within twenty-four months of the date that an annual Regulatory Return or quarterly Regulatory Return is submitted to the Regulator, the Regulator notifies the Insurer that a Return appears to be inaccurate or incomplete, the Insurer must consider the matter and within one month of the date of notification it must correct any inaccuracies and make good any omissions and re-submit the relevant parts of the Return.

        Amended on (3 February, 2020).

      • PIN 6.6.12

        An Insurer must submit, at the same time as every annual Regulatory Return of that Insurer or as soon as practicable thereafter, any report on the affairs of the Insurer submitted to the shareholders or policyholders of the Insurer in respect of the reporting period to which the annual Regulatory Return relates.

        Amended on (3 February, 2020).

      • PIN 6.6.13 PIN 6.6.13

        (1) When a Return of the kind specified under Rule 6.6.2(a) or Rule 6.6.8(a) is submitted after the due date, such non-submission incurs an administrative fee in accordance with FEES Rule 4.4.
        (2) Nothing in this Rule limits the right of the Regulator to take any other action.
        Amended on (27 April, 2022).

        • Guidance

          If a Return is not submitted by the date on which it becomes due, the Person is in breach of a Rule and the Regulator is entitled to take action including, but not limited to, taking steps to withdraw authorisation to conduct Regulated Activities.

    • PIN 6.7 PIN 6.7 Reporting of group capital adequacy

      • PIN 6.7.1

        An Insurer must, at the end of each financial year and at the mid-point of each financial year, prepare a report on the Financial Group Capital Adequacy of any Financial Group of which it is a member and in respect of which it is required by Chapter 8 to calculate Financial Group Capital Requirements and Financial Group Capital Resources. This Report shall be known as the Financial Group Capital Adequacy Report.

      • PIN 6.7.2 PIN 6.7.2

        (1) The Financial Group Capital Adequacy Report must be filed in writing by Insurer with the Regulator:
        (a) within four months of the Insurer's reporting date in the case of a report at the end of a reporting period; or
        (b) within one month of the Insurer's mid-year date in the case of a report at the mid-point of a reporting period.
        (2) The Financial Group Capital Adequacy Report must state:
        (a) the name of the Insurer;
        (b) the reference date of the report;
        (c) the name, location and activity of the Parent entity of the Financial Group in respect of which the report is made;
        (d) the Financial Group Capital Resources, calculated in accordance with Rule 8.3.5;
        (e) the Financial Group Capital Requirement, calculated in accordance with Rule 8.3.4;
        (f) the amount of surplus or deficit, expressed as the amount in (d) minus the amount in (e);
        (g) a list of all Financial Institutions and other Persons whose activities are primarily financial in nature in the Financial Group;
        (h) if any Authorised Person in the Financial Group is itself a Parent, the items referred to in (d), (e) and (f) in respect of the Financial Group headed by that Authorised Person; and
        (i) particulars of any Authorised Person, Financial Institutions or other Persons whose activities are primarily financial in nature in the Financial Group in respect of which the capital requirement calculated in accordance with Rule 8.3.4 exceeds its Capital Resources or Adjusted Capital Resources calculated in accordance with Rule 8.3.5(1)(b).
        (3) Amounts in the Financial Group Capital Adequacy Report must be expressed in thousands of dollars.
        (4) The Financial Group Capital Adequacy Report must be signed by:
        (a) the Persons specified in Rule 6.6.3 in the case of a report at the end of a reporting period; or
        (b) the Persons specified in Rule 6.6.9 in the case of a report at the mid-point of a reporting period.
        (5) The Financial Group Capital Adequacy Report must be accompanied by a statement by the Insurer's auditor, made in writing to the directors of the Insurer and to the Regulator, and stating whether any significant matter has come to the attention of the auditor to indicate that the report has not been properly compiled in accordance with the requirements of this section, from information provided to the Insurer by other members of the Financial Group and from the Insurer's own records.

        • Guidance

          Where information that would be contained in the Financial Group Capital Adequacy Report would be identical with information previously or concurrently provided to the Regulator pursuant to this or another provision of the Rulebook, and that information has not changed, the Regulator will normally accept a statement to that effect in the report in place of that information.