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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Conduct of Business Module (COB) [VER33/07-19]
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 7.8 Suitability

    • COB 7.8.1

      An InsurerG or an Insurance IntermediaryG must comply with the suitability requirement set out in COB section 3.4 when conducting any InsuranceG or Insurance Intermediation BusinessG with or for a Retail ClientG in respect of Direct Long-Term InsuranceG .

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

    • COB 7.8.2

      (1) Subject to COB Rule 7.8.3, an InsurerG or Insurance IntermediaryG must only make a recommendation to a Retail ClientG to enter into a ContractG of InsuranceG that is General InsuranceG where it has taken reasonable steps to ensure that the recommended ContractG of InsuranceG is suitable in light of the Client'sG demands and needs.
      (2) The InsurerG or Insurance IntermediaryG must obtain from a Retail ClientG such information as is necessary to identify the Client'sG circumstances and objectives, and consider whether the terms of the particular contract of General InsuranceG meet the requirements identified.
      Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.8.3

      An InsurerG and an Insurance IntermediaryG may only recommend to a ClientG a contract of General InsuranceG that does not meet all the Client'sG requirements if it clearly explains to the ClientG , at the point of making the recommendation, that the contract does not fully meet the Client'sG requirements and the differences in the insurance recommended.

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

      • COB 7.8.3 Guidance

        When deciding what level of explanation is appropriate for a ClientG to whom a contract of insurance that does not fully meet that Client'sG requirements is recommended, 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]

    • COB 7.8.4

      Where an Insurance IntermediaryG is instructed to obtain insurance which is contrary to the advice that it has given to a ClientG , the Insurance IntermediaryG must obtain from the ClientG written confirmation of the Client'sG instructions before arranging or buying the relevant insurance.

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