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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER32/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
Archive

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  • COB 7.7 Information About the Proposed Insurance

    • COB 7.7.1

      An InsurerG or Insurance IntermediaryG must provide adequate information in a comprehensive and timely manner to enable a ClientG to make an informed decision about the ContractG of InsuranceG that is being proposed.

      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.7.2

      Without limiting the generality of the disclosure obligation under COB section 7.5, an InsurerG or Insurance IntermediaryG must, for the purpose of complying with the obligation under that section:

      (a) provide to a ClientG information about the key features of any insurance proposed including the essential cover and benefits, any significant or unusual restrictions, exclusions, conditions or obligations, and the applicable period of cover; and
      (b) explain, except where the insurance cover is sourced from a single insurer, the differences in and the relative costs of similar types of insurance as proposed.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

      • COB 7.7.2 Guidance

        When deciding to what extent it is appropriate to explain the terms and conditions of a particular insurance the InsurerG or Insurance IntermediaryG should take into consideration the knowledge held by the ClientG in relation to the type of insurance in question.

        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • Specific Disclosure for Long-Term Insurance

      • COB 7.7.3

        Where an InsurerG or an Insurance IntermediaryG proposes Direct Long-Term InsuranceG to a Retail ClientG , the disclosure for the purposes of this section must include:

        (a) the method of calculation of any bonuses;
        (b) an indication of surrender values and paid-up values, and the extent to which any such values are guaranteed;
        (c) for unit-linked insurance contracts, definition of the units to which they are linked, and a description of the underlying assets;
        (d) the basis of any projections included in the information; and
        (e) any facts that are material to the decision to invest, including risks associated with the investment and factors that may adversely affect the performance of the investments.
        Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • [Deleted]

      [Deleted] DFSA RM69/2010 (Made 1st March 2010). [VER18/03-10]

      • COB 7.7.4 [Deleted]

        [Deleted] DFSA RM69/2010 (Made 1st March 2010). [VER18/03-10]