Entire Section

  • COB 7.1 COB 7.1 Application and Interpretation

    • COB 7.1.1

      (1) The Rules in this chapter apply to an Authorised Firm with respect to the conduct in or from the DIFC of Insurance Business, Insurance Intermediation or Insurance Management to the extent specified in any Rule.
      (2) The Rules in this chapter do not apply to an Insurer that is an Authorised ISPV with the exception of the Rules in COB section 7.2.
      (3) Only COB section 7.2, COB Rules 7.3.1, 7.6.1 and 7.9.1 and COB sections 7.10 and 7.12 in this chapter apply to an Insurer, Insurance Intermediary or Insurance Manager when it carries on a Financial Service with or for a Market Counterparty.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
      [Amended] DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]

    • COB 7.1.2

      In this chapter, unless otherwise stated, a reference to an "insurer" is a reference to both an Insurer and a Non-DIFC insurer.

      Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]

    • COB 7.1.3

      (1) In this chapter, unless otherwise stated, a reference to a Client of an Insurance Manager is a reference to:
      (a) an insurer to whom the Insurance Manager provides its Insurance Management services; and
      (b) a Policyholder with whom the Insurance Manager interacts when carrying out its Insurance Management activities.
      (2) In COB section 7.12, when an Insurance Manager provides Insurance Management services to a Captive Insurer, a reference to a Client in (1)(a) is a reference to:
      (a) the Captive Insurer;
      (b) any shareholder of the Captive Insurer; and
      (c) any Person on whose behalf the Insurance Manager undertakes to establish that Person as an insurer.
      (3) In (2):
      (a) a Captive Insurer includes a Cell of a Protected Cell Company which is an Insurer; and
      (b) a shareholder includes a holder of Cell Shares.
      Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]

    • Guidance

      The Rules in this chapter apply to Authorised Firms conducting Insurance Business and Insurance Management in relation to all classes of Contracts of Insurance. However, those Rules apply to Authorised Firms conducting Insurance Intermediation only in relation to Contracts of Insurance that are not contracts of Long-Term Insurance. Other COB Rules relating to the Financial Services of Advising on Financial Products or Credit and Arranging Credit or Deals in Investments will apply to advising and arranging on contracts of Long-Term Insurance.

      Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]