20.2.1. Provision of Insurance Management services

(1) Subject to (2), an Insurance Manager may provide Insurance Management services to AIFC-Incorporated Insurers, AIFC-incorporated Takaful Operators and their Branches. An Insurance Manager may also provide Insurance Management services to Non-AIFC insurers and Non-AIFC Takaful Operators (i.e. insurers or Takaful Operators operating entirely outside the AIFC).

(2) An Insurance Manager must not underwrite on behalf of a Non-AIFC Insurer or Non-AIFC Takaful Operator in relation to a Contract of Insurance or a Takaful Contract with or for a Retail Client, unless the Insurance Manager has obtained the prior written approval of the AFSA in respect of that insurer or Takaful Operator. Guidance: AFSA approval of underwriting on behalf of Non-AIFaC Insurer For the purposes of COB 20.2.1(2), an Insurance Manager should submit to the AFSA sufficient information to establish that the Non AIFC Insurer or the Non-AIFC Takaful Operator for which it proposes to act is fit and proper and is subject to adequate regulation in its home jurisdiction.

20.2.2. Meaning of Client

For the purposes of this Chapter, the Client of an Insurance Manager is any Policyholder or potential Policyholder with whom the Insurance Manager interacts when carrying on its Insurance Management activities.