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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
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  • PIB 6.12 Professional Indemnity Insurance

    • PIB 6.12.1

      This section applies to an Authorised FirmG in CategoryG 3B, 3C or 4 which undertake one or more of the Financial ServicesG prescribed in PIB Rule 6.1.1(c).

      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB 6.12.2

      An Authorised FirmG must:

      (a) take out and maintain professional indemnity insurance cover appropriate to the nature, size, complexity and risk profile of the Authorised Firm'sG business;
      (b) at least annually, provide the DFSAG with a copy of the professional indemnity insurance cover in (a) covering the following twelve month period; and
      (c) notify the DFSAG of any material changes to the cover in (a), including the level of cover, its renewal or termination.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

      • PIB 6.12.2 Guidance

        1. In complying with PIB Rule 6.12.2, an Authorised FirmG should take out and maintain a contract for professional indemnity insurance (PII) from a reputable and well-capitalised insurer and such contract should include cover in respect of claims for which the Authorised FirmG may be liable as a result of the conduct of itself and its EmployeesG and appropriate cover in respect of legal costs arising from a claim.
        2. Pursuant to PIB Rule 6.4.1(c), an Authorised FirmG should notify the DFSAG of any significant PII claim made. What amounts to a significant claim will depend on the nature size and complexity of the Authorised FirmG and the DFSAG would expect the Authorised FirmG to treat a series of small single claims which are significant in aggregate as significant for the purposes of PIB Rule 6.4.1(c).
        3. An Authorised FirmG can fulfil the requirements under this section by ensuring coverage of its activities under a group-wide PII policy, provided that policy covers the Authorised FirmG and its activities and that policy meets the conditions specified in this section. Where the Authorised Firm'sG group PII cover does not meet the requirements specified under this section, the Authorised FirmG will be required to obtain PII cover that meets those requirements.
        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]