Insurer intending to undertake Insurance Business in Class 7(b) must:
(a) notify the
DFSA in writing of its proposal to undertake such business; and
(b) give to the
DFSA a business plan for the business intended to be undertaken.
DFSA may object to a proposal made by an Insurer under (1).
(3) The procedures in Schedule 3 to the
Regulatory Law apply to a decision of the DFSA under (2).
(4) If the
DFSA decides to exercise its power under (2), the Insurer may refer the matter to the FMT for review.
Insurer must not effect any contract of insurance in Class 7(b) if the DFSA has objected to a proposal it has made under (1).