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GEN 2.20.1

(1) In GEN Rule 2.2.2, Insurance Management means:
(a) performing underwriting or administration functions for or on behalf of an insurer, for the purposes of that insurer effecting or carrying out a Contract of Insurance as principal;
(b) advising on a Contract of Insurance for which the Person performs, or is proposing to perform, underwriting functions referred to in (a); or
(c) arranging reinsurance for and on behalf of an insurer for whom it is underwriting.
(2) In (1):
(a) "administration" includes, without limitation, one or more of the following activities:
(i) processing applications for, and endorsements on, Contracts of Insurance;
(ii) collecting and processing premiums;
(iii) negotiating terms of settlement of claims; or
(iv) settling claims;
(b) "advising" has the same meaning as in GEN Rule 2.19.1(2) and (3); and
(c) "underwriting" includes, without limitation, one or more of the following activities:
(i) assessing underwriting risks;
(ii) negotiating and settling terms of Contracts of Insurance including exclusions;
(iii) negotiating and settling premiums;
(iv) negotiating commissions; or
(v) countersigning, stamping and issuing Contracts of Insurance.
(3) In this Rule, a reference to an "insurer" is a reference to:
(a) an Insurer; or
(b) a Non-DIFC insurer.

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]
[Amended] DFSA RM176/2016 (Made 19th June 2016) [VER37/08-16]