Entire Section

  • COB 7.10 COB 7.10 Placement of Insurance

    • Instructions

      • COB 7.10.1

        An Insurance Intermediary or Insurance Manager must not place a Contract of Insurance with or on behalf of an insurer unless it has satisfied itself on reasonable grounds that the insurer may lawfully effect that contract under the laws of the jurisdictions in which the insurer and the risk are located.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]

    • Quotations

      • COB 7.10.2

        When giving a quotation, an Insurance Intermediary or Insurance Manager must take due care to ensure the accuracy of the quotation and its ability to obtain the insurance at the quoted terms.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]

    • Confirmation of Cover

      • COB 7.10.3

        (1) An Insurer, in Effecting Contracts of Insurance, must promptly document the principal economic and coverage terms and conditions agreed upon under any Contract of Insurance and finalise such contract in a timely manner.
        (2) An Insurer, Insurance Intermediary or Insurance Manager must, as soon as reasonably practicable, provide a Client with written confirmation and details of the insurance which it has effected for the Client or has obtained on behalf of the Client, including any changes to an existing Contract of Insurance.
        (3) An Insurer, Insurance Intermediary or Insurance Manager must, as soon as reasonably practicable, provide the Client with the full policy documentation where this was not included with the confirmation of cover.
        (4) In (2) and (3), a Client of an Insurance Manager is any Policyholder with whom the Insurance Manager interacts when carrying on its Insurance Management activities.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]
        [Amended] DFSA RM97/2012 (Made 24th July 2012) [VER20/07-12]
        [Amended] DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]