Insurance distribution activities

You are reading current version in effect from 25 November 2019
Print this section Copy highlighted section to clipboard
Back to
You are reading current version in effect from 25 November 2019

Guidance

Guidance

Law firms carrying on insurance distribution activities - Guidance

Guidance: To help you understand key changes introduced by the Insurance Distribution Directive (IDD).

Glossary terms

insurance distribution activity

means any of the following regulated activities as specified in the Regulated Activities Order which are carried on in relation to a contract of insurance or rights to or interests in a life policy:

  1. dealing in investments as agent (article 21) 
  2. arranging (bringing about) deals in investments (article 25(1))
  3. making arrangements with a view to transactions in investments (article 25(2))
  4. assisting in the administration and performance of a contract of insurance (article 39A)
  5. advising on investments (except peer to peer agreements) (article 53(1))
  6. agreeing to carry on a regulated activity in (a) to (e) above (article 64).
ancillary insurance intermediary

has the meaning given in article 2(1)(4) of the IDD

Financial Services Register

means the record maintained by the FCA as required by section 347 of the FSMA and including those persons who carry on, or are proposing to carry on, insurance distribution activities

insurance distribution officer

means the individual within the management structure of the firm who is responsible for insurance distribution activity

SRA

means the Solicitors Regulation Authority

prescribed

means prescribed by the SRA from time to time

FCA

means the Financial Conduct Authority