Entire Section
COB 7.1 COB 7.1 Application and Interpretation
COB 7.1.1
(1)The Rules in this chapter apply to anAuthorised Firm with respect to the conduct in or from the DIFC ofInsurance Business ,Insurance Intermediation orInsurance Management to the extent specified in any Rule.(2)The Rules in this chapter do not apply to anInsurer that is anAuthorised 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 anInsurer ,Insurance Intermediary orInsurance Manager when it carries on aFinancial Service with or for aMarket 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 aNon-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 aClient of anInsurance Manager is a reference to:(a) an insurer to whom theInsurance Manager provides itsInsurance Management services; and(b) aPolicyholder with whom theInsurance Manager interacts when carrying out itsInsurance Management activities.(2) In COB section 7.12, when anInsurance Manager providesInsurance Management services to aCaptive Insurer , a reference to aClient in (1)(a) is a reference to:(a) theCaptive Insurer ;(b) any shareholder of theCaptive Insurer ; and(c) anyPerson on whose behalf theInsurance Manager undertakes to establish thatPerson as an insurer.(3) In (2):(a) aCaptive Insurer includes aCell of aProtected Cell Company which is anInsurer ; and(b) a shareholder includes a holder ofCell Shares .Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]Guidance
The Rules in this chapter apply to
Authorised Firms conductingInsurance Business andInsurance Management in relation to all classes ofContracts of Insurance . However, those Rules apply toAuthorised Firms conductingInsurance Intermediation only in relation toContracts of Insurance that are not contracts ofLong-Term Insurance . Other COB Rules relating to theFinancial Services ofAdvising on Financial Products or Credit andArranging Credit or Deals in Investments will apply to advising and arranging on contracts ofLong-Term Insurance .Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]