COB 7.1 COB 7.1 Application and Interpretation
The Rulesin this chapter apply to an Authorised Firmwith respect to the conduct in or from the DIFC of Insurance Business, Insurance Intermediationor Insurance Managementto the extent specified in any Rule.(2) The Rulesin this chapter do not apply to an Insurerthat is an Authorised ISPVwith 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 Intermediaryor Insurance Managerwhen it carries on a Financial Servicewith or for a Market Counterparty.
In this chapter, unless otherwise stated, a reference to an "insurer" is a reference to both an
Insurerand a Non-DIFC insurer.
COB 7.1.3(1) In this chapter, unless otherwise stated, a reference to a
Clientof an Insurance Manageris a reference to:(a) an insurer to whom the Insurance Managerprovides its Insurance Managementservices; and(b) a Policyholderwith whom the Insurance Managerinteracts when carrying out its Insurance Managementactivities.(2) In COB section 7.12, when an Insurance Managerprovides Insurance Managementservices to a Captive Insurer, a reference to a Clientin (1)(a) is a reference to:(a) the Captive Insurer;(b) any shareholder of the Captive Insurer; and(c) any Personon whose behalf the Insurance Managerundertakes to establish that Personas an insurer.(3) In (2):(a) a Captive Insurerincludes a Cellof a Protected Cell Companywhich is an Insurer; and(b) a shareholder includes a holder of Cell Shares.
The Rules in this chapter apply to
Authorised Firmsconducting Insurance Businessand Insurance Managementin relation to all classes of Contracts of Insurance. However, those Rules apply to Authorised Firmsconducting Insurance Intermediationonly in relation to Contracts of Insurancethat are not contracts of Long-Term Insurance. Other COB Rules relating to the Financial Servicesof Advising on Financial Products or Creditand Arranging Credit or Deals in Investmentswill apply to advising and arranging on contracts of Long-Term Insurance.