Entire Section

  • COB 7.6 COB 7.6 Disclosure of Costs and Remuneration

    • COB 7.6.1 COB 7.6.1

      An Insurer, Insurance Intermediary or Insurance Manager must provide details of the costs of each Contract of Insurance or Insurance Intermediation service or Insurance Management service offered to a Client.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 7.6.1 Guidance

        1 The disclosure required by this Rule should include any premiums, fees, charges or taxes payable by the Client, whether or not these are payable to the Authorised Firm.
        2 The disclosure should be made in terms readily understandable by the Client, taking into account the knowledge held by that Client in relation to the type of insurance in question.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.6.2

      An Insurer or Insurance Intermediary must, where any premium is payable through a Credit Facility made available to a Retail Client, disclose any interest, profit rate or charges payable by the Client for using that facility.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.6.3

      An Insurer, Insurance Intermediary or Insurance Manager must ensure that it does not impose any new costs, fees or charges without first disclosing the amount and the purpose of those charges to the Client.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.6.4

      (1) An Insurer, Insurance Intermediary or Insurance Manager must, on the request of any Client, disclose to that Client all commissions and other economic benefits accruing to the Authorised Firm or any member of the same Group from:
      (a) any Insurance Intermediation business;
      (b) any Insurance Management business; or
      (c) any other business connected to or related to the provision of such business;
      transacted by the Authorised Firm on behalf of that Client.
      (2) The requirement to disclose the information under (1) does not apply where an Insurance Intermediary acts solely on behalf of a single insurer, and this fact has been disclosed to the Client.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]