CIB 2.3.10 Statement by directors

(1) Every Return must include a Statement by Directors, in accordance with this Rule.
(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 Chapter 2 and the instructional guidelines and prudential reporting systems specified by the Regulator;
(b) proper accounting records have been maintained and adequate information obtained by the Captive Insurer;
(c) appropriate systems and controls have been established and maintained by the Captive Insurer over its transactions and records;
(d) the Captive Insurer has complied with the provisions of Rule 2.2 of these Rules throughout the reporting period; and
(e) the Captive Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.
(3) The Statement by Directors forming part of the quarterly Regulatory Return must state that:
(a) the quarterly Regulatory Return has been prepared in accordance with the provisions of PIN, this Chapter 2 and the instructional guidelines and prudential reporting systems specified by the Regulator; and
(b) the Captive Insurer complies, as at the date of the statement, with those provisions of PIN that are applicable to it.
(4) If in the opinion of the directors it would be untrue to make one or more of the statements referred to in Rule 2.3.10(3)(a) or Rule 2.3.10(3)(b) the statements concerned must be omitted and the Captive Insurer must instead state in a Supplementary Note that the directors are unable to make the statements in question, and must give the reasons for that inability.
Amended on (3 February, 2020).