Past version: effective from 18/06/2006 - 02/01/2010
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(1) In GEN Rule 2.2.2
Insurance Intermediation means:
(a) advising on insurance;
(b) acting as agent for another
Person in relation to the buying or selling of insurance for that other Person; or
(c) making arrangements with a view to another
Person, whether as principal or agent, buying insurance.
(2) In (1)(a), 'advising' means giving advice:
(a) which is given to a
Person in his capacity as a policyholder or potential policyholder, or in his capacity as agent for a policyholder or potential policyholder on the merits of his entering into a Contract of Insurance whether as principal or agent; or
(b) that constitutes generic advice.
(3) In (2)(a), 'advice' includes a statement, opinion or report:
(a) where the intention is to influence a
Person, in making a decision, to select a particular Contract of Insurance or insurance cover; or
(b) which could reasonably be regarded as being intended to have such influence.
(4) In (2)(b), 'generic advice' means any communication, subject to (5), that:
(a) contains information about a particular
Contract of Insurance or insurance cover; and
(b) could reasonably be regarded as being intended to influence a
Person when making a decision relating to any particular Contract of Insurance or type of insurance cover to which the communication relates,
although the communication does not contain any advice on the merits of the
Particular person entering into those Contracts of Insurance or obtaining insurance cover referred to in the communication.
(5) Any communication which contains generic advice where issued by or on behalf of a government or government entity does not constitute generic advice for the purposes of this
(6) The arrangements in (1)(c) include;
(a) arrangements which do not bring about the transaction; and
(b) making invitations or, engaging in any other conduct with a view to influencing another
Person when making a decision in relation to a particular Contract of Insurance or insurance cover.
(7) In (6)(b):
(a) invitations mean any communications that directly or indirectly invite a
Person to enter into a particular Contract of Insurance; and
(b) other conduct means any conduct, though not amounting to an invitation, that can be viewed as a step in the chain that directly or indirectly leads a
Person to enter in to a particular Contract of Insurance.
Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]