W 037/08 COB — Liberty Mutual Insurance Europe Ltd
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MODIFICATION NOTICE
To | Liberty Mutual Insurance Europe Ltd |
Address | Gate Village 7, 1st Floor, Office 9, DIFC PO Box 506574 |
DFSA Firm Reference No. | F000264 |
Notice No. | W037/2008 |
THE DFSA HEREBY GIVES NOTICE THAT:
The Rules specified in the left hand column of the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply as modified in the right hand column of the table.
RULES MODIFIED
The Rules specified in the left hand column are modified to the extent shown in the right hand column of the table below. In this table, underlining indicates new text and striking through indicates deleted text, otherwise the Rule remains unaltered. Where a significant number of the paragraphs of the Rule remain un-altered the entire Rule may not be reproduced in the table. In such circumstances the un-altered parts of the Rule will be referred to by the relevant identifying paragraph number or letter, as the case may be.
Rule | Modified Text |
COB 2.2.2 [Until and including 30 June 2008] |
(1) An Authorised Firm must ensure that it does not:
(a) if it is an Insurer, Effect a Contract of Insurance or Carry Out a Contract of Insurance through an establishment maintained by it in the DIFC; or
(b) if it is an Insurance Intermediary, act in relation to a Contract of Insurance;
where the contract is in relation to a risk situated within the U.A.E, unless the risk is situated in the DIFC, or the contract is one of re-insurance.
(4) An Insurer must ensure that it does not carry on, in or from the DIFC, both Long-Term Insurance Business and General Insurance Business unless the General Insurance Business is restricted to Class 1 or Class 2 or both.
(5) An Insurer which is a Protected Cell Company must ensure that, all
|
COB 7.2.2 [On and after 1 July 2008] |
An Authorised Firm must ensure that it does not:
(a) if it is an Insurer, Effect a Contract of Insurance or Carry Out a Contract of Insurance through an establishment maintained by it in the DIFC; or
(b) if it is an Insurance Intermediary, act in relation to a Contract of Insurance;
where the contract is in relation to a risk situated within the U.A.E, unless the risk is situated in the DIFC, or the contract is one |
CONDITIONS
None
EFFECTIVE PERIOD
This notice comes into effect on the date of issue and remains in force until further notice.
INTERPRETATION
The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.
Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.
THIS NOTICE IS ISSUED UNDER ARTICLE 25 OF THE REGULATORY LAW 2004 BY:
Name : | Jane Coakley |
Position : | Acting Chief Executive |
DATE OF ISSUE: | 25 June 2008 |