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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
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Consultation Papers
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Whole SectionText only Print Print Manager Link

GEN A4.1.2

Whole Section PDF

The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

The classes of life insurance are as follows:

Class I — Life and annuity

(a) Contracts of insurance on human life or contracts to pay annuities on human life, but excluding, in each case, contracts within (c).

Class II — Marriage and birth

(b) Contracts of insurance to provide a sum on marriage or on the birth of a child, being contracts expressed to be in effect for a period of more than one year.

Class III — Linked long term

(c) Contracts of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).

Class IV — Permanent health

(d) Contracts of insurance providing specified benefits against risks of individuals becoming incapacitated in consequence of sustaining injury as a result of an accident or of an accident of a specified class or of sickness or infirmity, being contracts that:
(i) are expressed to be in effect for a period of not less than five years, or until the normal retirement age for the individuals concerned, or without limit of time; and
(ii) either are not expressed to be terminable by the InsurerG , or are expressed to be so terminable only in special circumstances mentioned in the contract.

Class V — Tontines

(e) Tontines.

Class VI — Capital redemption

(f) Contracts, other than contracts in (a) to provide a capital sum at the end of a term.

Class VII — Pension fund management

(i) pension fund management contracts; or
(ii) contracts of the kind mentioned in (i) that are combined with contracts of insurance covering either conservation of capital or payment of a minimum interest.

Derived from DFSA RM01/2004 (Made 16th September 2004). [VER1/09-04]