12.1.1. Application

PINS 12 applies to:

• (a) every AIFC-Incorporated Insurer; and
• (b) every Branch in respect of its AIFC Insurance Business operations.

12.1.2. Meanings of terms relating to run-off

In this Chapter:

• (a) an Insurer in Run-off means an Insurer that has ceased to effect Contracts of Insurance in respect of the whole or a category of its Insurance Business (or, in the case of a Branch, the whole or a category of its AIFC Insurance Business), and a Long-Term Insurance Fund in run-off is construed accordingly; and
• (b) going into run-off or placing Insurance Business into run-off means ceasing to effect Contracts of Insurance, and placing a Long-Term Insurance Fund into run-off is construed accordingly.

12.1.3. Compliance with PINS 15 by Insurer directed to go into run-off

An Insurer in Run-off by virtue of a decision or notice of the AFSA to the effect that the Insurer is to cease to effect Contracts of Insurance shall comply with PINS 12 except to the extent the AFSA acting under its powers in the FSFR directs otherwise.

12.1.4. Certain contracts to be disregarded

For the purposes of this Chapter, in determining whether an Insurer is effecting Contracts of Insurance or has ceased to effect Contracts of Insurance, including Contracts of Insurance effected through a Long-Term Insurance Fund, Contracts of Insurance effected under a term of an existing Contract of Insurance will be ignored unless the AFSA decides otherwise in respect of any particular contract.