GEN 2.19.1 Guidance
1. Insurance Intermediation activities may be carried on by an Insurance Agent (i.e. a Person who acts as an agent of one or more insurers) or an Insurance Broker (i.e. a Person who acts as an agent of a policyholder), or by an Insurer itself, in relation to its own Contracts of Insurance . Generally, most activities of an Insurance Agent can be carried on by an Insurance Manager that has the authority to underwrite Contracts of Insurance in the DIFC .
2. For more information about Insurance Aggregation Sites , see Guidance items 2 to 4 under GEN Rule 2.11.1.
3. See the Guidance under Arranging Deals in Investments in GEN section 2.9 for the distinction between the activities of 'acting as agent' and 'arranging'.
4. A Person 'acting as agent' as set out in GEN Rule 2.19.1(1)(b) for an Insurer effecting or carrying out contracts of Long-Term Insurance will need to hold an Insurance Intermediation or Insurance Management Licence .
5. If an Insurance Intermediary wishes to carry on Insurance Intermediation activities in respect of a contract of Long-Term Insurance , that is not a contract of reinsurance, it must obtain an endorsement on its Licence (see GEN Rule 2.2.10C).
6. See also Guidance item 2 under GEN Rule 2.9.1 for examples of activities that constitute arranging.
[Added] [VER10/06-06]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER23/08-09]
[Amended] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]
[Amended] DFSA RM66/2009 (Made 1st August 2009). [VER23/08-09]
[Amended] DFSA RM68/2009 (Made 3rd January 2010). [VER24/01-10]
Amended in accordance with Notice of Amendments to Legislation April 2011 [VER27/02-11]
[Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]
[Amended] DFSA RM184/2016 (Made 7th December 2016). [VER38/02-17]