• PIN APP10 PIN APP10 REPORTING TO THE REGULATOR

    • PIN A10.1 PIN A10.1 Purpose and general provisions

      • PIN A10.1.1

        This appendix applies to all Insurers.

      • PIN A10.1.2

        In this appendix and the forms, unless the term 'annual Regulatory Return' or 'quarterly Regulatory Return' is used, the term 'Return' includes both of those Returns.

        Amended on (3 February, 2020).

      • PIN A10.1.3 PIN A10.1.3

        The Regulator shall specify from time to time the forms to be used for the purpose of reporting under this Appendix.

        • Guidance

          1. The form and content of the Returns differs according to the characteristics of the Insurer.
          2. General requirements relating to the recognition and measurement of assets and liabilities are dealt with in PIN Chapter 5.
          3. This appendix sets out some matters relating to content and presentation of the information contained in the Returns. Further guidance in relation to the preparation and submission of the Returns as specified by the Regulator and EPRS.
          Amended on 3 January 2018.

    • PIN A10.2 PIN A10.2 Returns for Cells, Long-Term Insurance Funds and ADGM business

      • Guidance

        Separate Returns are completed for Insurers' entire business, and for those parts of the business that are subject to separate capital adequacy requirements, namely Cells, Long-Term Insurance Funds, and ADGM business. These parts, and the entire business, are described as 'reporting units' because a Return is required for each. An Insurer may therefore have to submit more than one set of Returns.

      • PIN A10.2.1

        A Return must be completed in respect of each of the reporting units set out in this section that applies to the Insurer.

      • PIN A10.2.2

        There are four types of reporting units in respect of which an Insurer may be required to submit a Return. These are referred to in this appendix and the forms as the global reporting unit, the Cell reporting unit, the fund reporting unit and ADGM business reporting unit. The Returns in respect of these reporting units are referred to respectively in this appendix and the forms as the Global Return, the Cell Return, the Fund Return and ADGM Business Return.

      • PIN A10.2.3

        Every Insurer that is required by PIN 6 to complete a Return must complete a Global Return. A Global Return has the following characteristics:

        (a) Subject to (b), a Global Return includes all of the assets, liabilities, equity, revenues and expenses of the Insurer, regardless of the residency status or location of the Insurer, of the customer or of any asset or liability.
        (b) The Global Return of a Cell Company does not include any assets, liabilities, equity, revenues or expenses that are attributable to a Cell.

      • PIN A10.2.4

        Except as provided otherwise in this appendix, an Insurer that is a Cell Company must complete a Cell Return in respect of each Cell that it maintains. A Cell Return includes all of the assets, liabilities, equity, revenues and expenses attributable to the Cell, regardless of the residency status or location of the customer or of any asset or liability.

      • PIN A10.2.5

        Except as provided otherwise in this appendix, an Insurer that maintains a Long-Term Insurance Fund must complete a Fund Return in respect of each Long-Term Insurance Fund that it maintains. A Fund Return includes all of the assets, liabilities, revenues and expenses attributable to the Fund, regardless of the residency status or location of the customer or of any asset or liability. An Insurer to which this Rule applies is not required to complete a Fund Return in the following cases:

        (a) where the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Global Return; and
        (b) where a Cell of the Insurer is deemed to constitute a single, Long-Term Insurance Fund, such that the information contained in the Fund Return would be identical to that in the Cell Return.

      • PIN A10.2.6 PIN A10.2.6

        An Insurer that is not an ADGM Incorporated Insurer must complete an ADGM Business Return. An ADGM Business Return has the following characteristics:

        (a) it includes only liabilities that are Insurance Liabilities of the Insurer in respect of its ADGM Insurance Business and assets that are associated with those Insurance Liabilities; and
        (b) revenues and expenses must be included only to the extent that they are attributable to the Insurer's ADGM Insurance Business.

        • Guidance

          The assets that are associated with Insurance Liabilities normally include only reinsurance and other recoveries in respect of claims, whether or not incurred, included in Insurance Liabilities. The ADGM Business Return does not include assets such as investments, fixed assets, or receivables other than reinsurance recoveries in respect of Insurance Liabilities.

    • PIN A10.3 PIN A10.3 Completion of Forms

      • Guidance

        Annual Regulatory Returns follow the cycle of the Insurer's normal statutory reporting, under the Companies Regulations 2015 in ADGM and under equivalent legislation elsewhere. Quarterly Regulatory Returns are presented on a quarter-to-quarter basis at specified dates.

      • PIN A10.3.1

        Supplementary Notes must be presented in accordance with any instructions provided through EPRS. Each Supplementary Note must identify the form to which it relates.

        Amended on 3 January 2018.

      • PIN A10.3.2

        Returns must be presented in the English language.

      • PIN A10.3.3

        Where the format of a form requires the presentation of comparative information, the comparative information shall be presented according to the following principles:

        (a) In the case of a form forming part of the annual Regulatory Return, the comparative information shall be that presented in the annual Regulatory Return for the previous reporting period.
        (b) In the case of a form forming part of the quarterly Regulatory Return, the comparative information shall be that presented in the quarterly Regulatory Return for the corresponding quarter in the previous calendar year.
        (c) Comparative information shall be presented unless:
        (i) the Insurer did not exist at any time during the comparative period (whether or not it was an Insurer);
        (ii) in the case of a Cell Return or a Fund Return, the Cell or Long-Term Insurance Fund to which the Return relates did not exist at any time during the comparative period; or
        (iii) so far only as concerns ADGM Business Return, in the case of an Insurer that is not an ADGM Incorporated Insurer, the Insurer was not at any time an Insurer during the comparative period.
        (d) An Insurer that is required to present comparative information in a Return, and that was not required to prepare a Return in respect of the comparative period, must present comparative information that would have been presented in the Return covering the comparative period, if the Insurer had been required to prepare that Return.
        (e) Comparative information shall not be changed from the time it was first presented, unless re-presentation is necessary for the interpretation of the Return. Where comparative information is changed, the Insurer must include in the Return a Supplementary Note showing the nature of the change and the reason for it.
        Amended on (3 February, 2020).

      • PIN A10.3.4 PIN A10.3.4

        The annual Regulatory Return, including the Statement by Directors, is subject to audit, except where this appendix or the form instruction guidelines states that a form is not subject to audit.

        Amended on (3 February, 2020).

        • Guidance

          This Rule establishes accounting policy in respect of transactions between reporting units. Internal recharges within an Insurer should be shown as such where they are external to a reporting unit of that Insurer. However, where a reporting unit (for example, the Global Return of an Insurer that is not a Cell Company, and that maintains one or more Long-Term Insurance Funds) includes both 'sides' of the internal transaction, the internal transaction must be eliminated by netting the income and expense.

    • PIN A10.4 PIN A10.4 Statement by Directors

      • Guidance

        1. The Statement by Directors forms a part of the annual Regulatory Return or the quarterly Regulatory Return. By providing these statements, the directors confirm that the Returns have been properly prepared and that the Insurer complies with applicable prudential rules.
        2. The Statement by Directors is set out as statements that must be made, but circumstances may arise when a statement cannot be made because it would be untrue to do so. Under such circumstances this section provides for the directors to provide an explanation in place of the omitted statement.
        Amended on (3 February, 2020).

      • PIN A10.4.1

        Every Return must include a Statement by Directors, in accordance with this section.

      • PIN A10.4.2

        The Statement by Directors forming part of the annual Regulatory Return must state that:

        (a) the annual Regulatory Return has been prepared in accordance with the provisions of PIN, this appendix, and EPRS;
        (b) proper Accounting Records have been maintained and adequate information obtained by the Insurer;
        (c) appropriate systems and controls have been established and maintained by the Insurer over its transactions and records;
        (d) the Insurer has complied with the provisions of PIN Chapter 4 throughout the reporting period; and
        (e) the Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.
        Amended on (3 February, 2020).

      • PIN A10.4.3

        The Statement by Directors forming part of the quarterly Regulatory Return must state that the Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.

        Amended on (3 February, 2020).