1.1.1. Name of rules

These rules are the AIFC Insurance and Reinsurance Prudential Rules (or PINS).

1.1.2. Application of PINS

These rules apply to every Insurer except where otherwise provided.

1.1.3. Key Definitions

(1) An Insurer is an Authorised Firm with a Licence to conduct Insurance Business.

(2) Insurance Business is the business of conducting either or both of the following Regulated Activities: (a) Effecting Contracts of Insurance; (b) Carrying out Contracts of Insurance.

(3) An AIFC-Incorporated Insurer is an Insurer that is incorporated as a legal entity under the laws of the AIFC.

Guidance: Branches

Note that certain of the obligations set out in this rulebook do not apply to Insurers that are Branches of entities established and regulated outside the AIFC. The term AIFC-Incorporated Insurer is used to refer to an Insurer that is incorporated as a legal entity under the laws of the AIFC and thus excludes Branches of legal entities incorporated outside the AIFC.

Guidance: Reinsurance

Note that the term Insurer includes any reinsurer and the term Contract of Insurance includes any Contract of Reinsurance.