PIN 2.5.5 Guidance

1. If all the information required is provided to the DFSA relating to the proposal to effect Contracts of Insurance in Class 7(b), generally, it will take about 45 days for the DFSA to be able to determine whether an Insurer should be allowed to conduct this type of business. An Insurer may commence a reference to the FMT in relation to a decision of the DFSA to object to a proposal.
2. The current requirements relating to Class 7(b) do not cater to monoline specialist financial guarantee insurers. However, if such an Insurer wishes to operate in the DIFC, the DFSA will consider what requirements should apply to it. In doing so, the DFSA will consider capital adequacy and other requirements that are generally applied to such specialist Insurers in other jurisdictions.
[Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]
[Amended] DFSA RM136/2014 (Made 21st August 2014). [VER14/06-14]