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COB 7.8.2 Guidance

Simple and easy to understand general insurance products, such as motor insurance, do not require a detailed suitability assessment. However, in other cases, the information which an Insurer or Insurance Intermediary would generally need to have about the Client’s needs and demands, before making a recommendation about a product, include:
a. details relating to the purpose for which the Client is seeking to obtain insurance cover (e.g., what risks the Client wishes to cover);
b. the Client’s circumstances, including financial, to assess the type of exclusions and level of excess the Client wishes to accept, or is suitable for the particular Client; and
c. any other matters relevant to the particular type of insurance product or market.
[Added] DFSA RMI259/2019 (Made 1st January 2020). [VER/34/01-20]