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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Archive
Rulebook Modules
Conduct of Business Module (COB) [VER34/01-20]
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices

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  • COB 7.8 Suitability

    • COB 7.8.1

      An Insurer or an Insurance Intermediary must comply with the suitability requirement set out in COB section 3.4 when conducting any Insurance or Insurance Intermediation Business with or for a Retail Client in respect of Direct Long-Term Insurance.

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

    • COB 7.8.3

      An Insurer and an Insurance Intermediary may only recommend to a Client a contract of General Insurance that does not meet all the Client's requirements if it clearly explains to the Client, at the point of making the recommendation, that the contract does not fully meet the Client's 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 Client to whom a contract of insurance that does not fully meet that Client's requirements is recommended, the Insurer or Insurance Intermediary should take into consideration the knowledge held by the Client 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 Intermediary is instructed to obtain insurance which is contrary to the advice that it has given to a Client, the Insurance Intermediary must obtain from the Client written confirmation of the Client's instructions before arranging or buying the relevant insurance.

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