PIN 2.5.4

(1) An Insurer intending to undertake Insurance Business in Class 7(b) must:
(a) notify the Regulator in writing of its proposal to undertake such business; and
(b) provide the Regulator with a regulatory business plan for the business intended to be undertaken, which includes but is not limited to comprehensive risk management strategy, risk pricing approach, reserving models, and actuarial methodologies to determine technical provisions required.
(2) The Regulator may object to a proposal made by an Insurer under (1).
(3) If the Regulator decides to exercise its power under (2), the Insurer may refer the matter to the Regulatory Committee for review.
(4) An Insurer must not effect any Contract of Insurance in Class 7(b) if the Regulator has objected to a proposal it has made under (1).