Entire Section

  • GEN 2.19.3A GEN 2.19.3A

    A Person does not carry on an Insurance Intermediation activity if:

    (a) the activity is carried on in the course of a business of providing goods or services (other than Financial Services);
    (b) providing goods or services referred to in (a) is the principal business of that Person; and
    (c) the activity:
    (i) can reasonably be regarded as being ancillary and complementary to the principal business of that Person; and
    (ii) does not relate to a contract of Long-Term Insurance.

    Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]

    • GEN 2.19.3A Guidance

      1. The exclusions in GEN Rules 2.19.3 and 2.19.3A apply to certain Insurance Intermediation activities which occur in the course of carrying on other businesses.
      2. GEN Rule 2.19.3 applies to activities carried on as a necessary part of a professional service, such as insurance advice provided by an accountant or solicitor as part of estate planning or tax advice.
      3. GEN Rule 2.19.3A applies to activities that are ancillary and complementary to a business of providing goods or services. This might include, for example, a travel agent arranging travel insurance or a supplier of electrical goods arranging insurance of those goods. It does not apply if the main service or good is not provided to the customer, for example, if a travel agent does not provide the main travel service to the customer.

      Derived from DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]