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14.3. Application of PINS to Captive Insurers
FINANCIAL SERVICES LEGISLATION
RULES
INSURANCE AND REINSURANCE PRUDENTIAL RULES
14. Captive Insurers
SCHEDULE 2 Categories of Long-Term Insurance
SCHEDULE 6. Prudential returns by Insurers
WORKING SCHEDULE 1 - List of Defined Terms for PINS and associated rulebooks
Entire Act

14.3. Application of PINS to Captive Insurers

14.3.1. Application of PINS 2 (Systems and Controls)

(1) A Captive Insurer must comply with the requirements of PINS 2 (Systems and Controls) in full subject to (2).

(2)  A Captive Insurer may appoint an Insurance Manager authorised by AFSA to perform the Controlled Function of Senior Executive Officer provided that such Employee is an Approved Individual and the Designated Function of Money Laundering Reporting Officer.


14.3.2. Application of PINS 3 (Risk Management Strategy).

A Captive Insurer must comply with PIN 3 (Risk Management Strategy) in full.

14.3.3. Application of PINS 4 (Own Risk and Solvency Assessment (ORSA)).

A Captive Insurer must comply with PINS 4 (Own Risk and Solvency Assessment (ORSA)) in full.

14.3.4. Application of PINS 5 (Capital adequacy requirements)

A Captive Insurer must comply with the requirements of PINS 5 (Capital adequacy requirements) in full, subject to the rules in PINS 14.4 (Capital adequacy requirements for Captive Insurers).

14.3.5. Application of PINS 6 (Investment)

A Captive Insurer must comply with PINS 6 (Investment) in full.

14.3.6. Application of PINS 7 (Segregation of Long-Term Insurance assets and liabilities)

A Captive Insurer carrying on Long-Term Captive Insurance Business must comply with PINS 7 (Segregation of Long-Term Insurance assets and liabilities) in full.

14.3.7 Application of PINS 8 (Valuation)

A Captive Insurer must comply with PINS 8 (Valuation) in full.

14.3.8 Application of PINS 9 (Actuarial Reporting)

A Captive Insurer must comply with PINS 9 (Actuarial reporting) in full.

14.3.9 Application of PINS 10 (Insurers that are members of Groups)

A Captive Insurer must comply with PINS 10 (Insurers that are members of Groups) in full.

14.3.10 Application of PINS 11 (Transfers of Business)

A Captive Insurer must comply with PINS 11 (Transfer of insurance business) in full.

14.3.11. Application of PINS 12 (Insurers in run-off)

A Captive Insurer must comply with PINS 12 (Insurers in run-off) in full.

14.3.12. Application of PINS 13 (Prudential Returns)

(1) A Captive Insurer must comply with PINS 13 (Prudential returns) in full.

(2) Unless required otherwise by AFSA in writing, Class 1 Captive Insurer may submit Prudential Returns semi-annually instead of quarterly as stated in Schedule 6.