member, and the amount of the loan is 3% (or more) of the eligible capital; insurer’s (c) an intra-group reinsurance agreement, or a modification to such an agreement, if the reinsurance premium or change in the liabilities is 5% (or more) of the eligible insurer’s insurer’s capital; (d) a reinsurance agreement, or a modification to such an agreement, involving the transfer of assets from the insurer to a not person to it, if: related (i) there is an agreement or understanding between the insurer and that that any part of the assets will be transferred person to 1 or more other to the insurer; and persons related (ii) the reinsurance premium or change in the insurer’s liabilities is 5% (or more) of the eligible capital; insurer’s (e) an intra-group management agreement, service contract or sharing arrangement. (3) A reference in subrule (2) to an eligible capital is a reference insurer’s to that capital as at the end of the last standard quarter before the relevant transaction. (4) An governing body may delegate its responsibility under insurer’s subrule (1) to the senior management if the risk insurer’s insurer’s management strategy and internal control framework permit the governing body to do so. (5) In this rule: includes the extension of credit. loan means each 3-month period ending on 31 March, standard quarter 30 June, 30 September and 31 December. 10.1.9 Directions about certain intra-group matters (1) The Regulatory Authority may give an insurer a direction in relation to any of the following matters: (a) the treatment of intra-group transactions; insurer’s (b) the treatment of risk concentration within the group; insurer’s (c) supervisory reporting and disclosure of information by the insurer;
member, and the amount of the loan is 3% (or more) of the insurer’s eligible capital; (c) an intra-group reinsurance agreement, or a modification to such an agreement, if the reinsurance premium or change in the insurer’s liabilities is 5% (or more) of the insurer’s eligible capital; (d) a reinsurance agreement, or a modification to such an agreement, involving the transfer of assets from the insurer to a person not related to it, if: (i) there is an agreement or understanding between the insurer and that person that any part of the assets will be transferred to 1 or more other persons related to the insurer; and (ii) the reinsurance premium or change in the insurer’s liabilities is 5% (or more) of the insurer’s eligible capital; (e) an intra-group management agreement, service contract or arrangement. (3) A reference in subrule (2) to an insurer’s eligible capital is a reference to that capital as at the end of the last standard quarter before the relevant transaction. (4) An insurer’s governing body may delegate its responsibility under subrule (1) to the insurer’s senior management if the insurer’s risk management strategy and internal control framework permit the governing body to do so. (5) In this rule: loan includes the extension of credit. standard quarter means each 3-month period ending on 31 March, 30 June, 30 September and 31 December. 10.1.9 Directions about certain intra-group matters (1) The Regulatory Authority may give an insurer a direction in relation to any of the following matters: (a) the insurer’s treatment of intra-group transactions; (b) the insurer’s treatment of risk concentration within the group; (c) supervisory reporting and disclosure of information by the insurer; sharing
QFCRA_4538_VER15.docx