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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 7.12.2

    (1) Insurance MoniesG are, subject to (2), any monies arising from Insurance IntermediationG or the Insurance ManagementG business which are any of the following:
    (a) premiums, additional premiums and return premiums of all kinds;
    (b) claims and other payments due under ContractsG of InsuranceG ;
    (c) refunds and salvages;
    (d) fees, charges, taxes and similar fiscal levies relating to ContractsG of InsuranceG ;
    (e) discounts, commissions and brokerage; or
    (f) monies received from or on behalf of a ClientG of an Insurance ManagerG , in relation to his Insurance ManagementG business.
    (2) MoniesG are not Insurance MoniesG where there is a written agreement in place between the Insurance IntermediaryG or Insurance ManagerG and the insurer to whom the relevant monies are to be paid (or from whom they have been received) under which the insurer agrees that:
    (a) the Insurance IntermediaryG or Insurance ManagerG , as the case may be, holds as agent for the insurer all monies received by it in connection with ContractsG of InsuranceG effected or to be effected by the insurer;
    (b) insurance cover is maintained for the ClientG once the monies are received by the Insurance IntermediaryG or the Insurance ManagerG , as the case may be; and
    (c) the insurer's obligation to make a payment to the ClientG is not discharged until actual receipt of the relevant monies by the ClientG .
    Derived from DFSA RM56/2008 (Made 1st July 2008). [VER14/07-08]

    • COB 7.12.2 Guidance

      If an Insurance ManagerG does not have in place risk transfer arrangements referred to in COB Rule 7.12.2(2), the Insurance ManagerG holds Insurance MoniesG , so far as they belong to PolicyholdersG , at the risk of those PolicyholdersG .

      Derived from DFSA RM182/2016 (Made 19th June 2016) [VER27/08-16]