AMLG 1.3.1 What are a firm and a general insurance firm?
(1) A general insurance firm (or firm) is an entity that has an authorisation (granted under the Financial Services Regulations, Part 5) to conduct, in or from the QFC, only either or both of the following regulated activities:
(a) general insurance business;
(b) insurance mediation (within the meaning given by IMEB, rule 1.2.2) in relation to either or both of:
(i) general insurance contracts; and
(ii) pure protection contracts.
Note A firm that conducts any other regulated activity (whether or not it also conducts a regulated activity mentioned in rule 1.3.1) in or from the QFC must comply with the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 — see those rules.
(2) In subrule (1):
general insurance business and general insurance contract have the same respective meanings as in PINS.
pure protection contract means a long term insurance contract (within the meaning given by PINS) that meets all of the following conditions:(a) the benefits under the contract are payable only on death or for incapacity due to injury, sickness or infirmity;(b) either:(i) the contract has no surrender value; or(ii) the consideration for the contract consists of a single premium and its surrender value does not exceed that premium;(c) the contract makes no provision for its conversion or extension in a way that would result in it ceasing to comply with paragraph (a) or (b);(d) the contract is not a reinsurance contract (within the meaning given by PINS).
regulated activities has the same meaning as in the Financial Services Regulations.
|Derived by QFCRA RM/2019-9 (as from 1st February 2020)|