1.5. Core obligations of Insurers
1.5.1. Obligation to establish and maintain systems and controls
An Insurer must establish and maintain systems and controls in accordance with the requirements of PINS 2 (Systems and Controls) and GEN 5 (Systems and Controls).
1.5.2. Obligation to maintain a risk management strategy
An Insurer must establish and implement a Risk Management Strategy in accordance with the requirements of PINS 3 (Risk Management Strategy).
1.5.3. Obligation to conduct Own Risk and Solvency Assessment
An AIFC-Incorporated Insurer must conduct an Own Risk and Solvency Assessment and submit a report thereon to AFSA in accordance with the requirements of PINS 4 (Own Risk and Solvency Assessment (ORSA)).
1.5.4. Obligation to maintain Eligible Capital
An AIFC-Incorporated Insurer must at all times maintain Eligible Capital in an amount and of a quality required by PINS 5 (Capital adequacy requirements).
1.5.5. Obligations in respect of Investments
An Insurer must make investments in accordance with the requirements of PINS 6 (Investment).
1.5.6. Obligation to maintain Long-Term Insurance Funds
An Insurer carrying on Long-Term Insurance Business must segregate its Long-Term Insurance assets and liabilities in accordance with PINS 7 (Segregation of Long-Term Insurance assets and liabilities).
1.5.7. Obligations in respect of Assets and Liabilities
An AIFC-Incorporated Insurer must value its assets and liabilities in accordance with the requirements of PINS 8 (Valuation).
1.5.8. Obligation to produce actuarial reports
An Insurer must prepare and submit to the AFSA the actuarial reports that it is required to produce pursuant to the requirements of PINS 9 (Actuarial reporting).
1.5.9. Obligations in respect of groups
An Insurer that is a member of a group must comply with the requirements of PINS 10 (Insurers that are members of Groups).
1.5.10. Obligations in respect of Insurance Business Transfers
An Insurer that is party to an Insurance Business Transfer must comply with the requirements of PINS 11 (Transfer of insurance business).