“(n)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the insurance distribution directive, the FCA.”. Paragraph 10A was inserted by S.I. For the purposes of this regulation, the “relevant requirements” are those in paragraph (4). 2013/1773. in the definition of “connected contract of insurance”—, 600 euro or less (calculated on a pro rata annual basis), or. 2006/2975, S.I. (ii)damage to, or loss of, baggage and other risks linked to travel booked with that provider; (b)the amount of the premium paid for the insurance product does not exceed EUR 600 calculated on a pro rata annual basis; (c)by way of derogation from point (b), where the insurance is complementary to a service referred to in point (a) and the duration of that service is equal to, or less than, three months, the amount of the premium paid per person does not exceed EUR 200.”, “For the purposes of this Directive “insurance distribution” means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected by customers through a website or other media and the compilation of an insurance product ranking list, including price and product comparison, or a discount on the price of an insurance contract, when the customer is able to directly or indirectly conclude an insurance contract using a website or other media.”, “For the purposes of this Directive “reinsurance distribution” means the activities of advising on, proposing, or carrying out other work preparatory to the conclusion of contracts of reinsurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including when carried out by a reinsurance undertaking without the intervention of a reinsurance intermediary.”, ““ancillary insurance intermediary” means any natural or legal person, other than a credit institution or an investment firm as defined in points (1) and (2) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council, who, for remuneration, takes up or pursues the activity of insurance distribution on an ancillary basis, provided that all the following conditions are met—. My remarks will be very brief; I have but one question. Files: Consultation Response CR1705 T10.pdf, 370.6 KB (PDF document) Consultation Response CR1705T10 Appendix B Regulated Activities Amendment Order 2017.pdf, 495.2 KB (PDF document) This is the original version (as it was originally made). 2015/910, S.I. 2003/2066 and amended by paragraph 10 of Schedule 4 to the Financial Services Act 2012. (3) In subsection (2)(b) “objectives”, in relation to the FCA, means operational objectives. HM Treasury has published a statutory instrument revising the Regulated Activities Order to clarify what will happen in the event that a commodity derivatives trading firm cannot perform the necessary calculations to determine whether it falls within the Article 2(1)(j) MiFID II ancillary exemption, because the relevant data is not available from an official source. New South Wales . “ancillary insurance intermediary” has the meaning given by Article 2.1(4) of the insurance distribution directive, the text of which is set out in Part 4 of Schedule 4; “insurance distribution” has the meaning given by Articles 2.1(1) and 2.2 of the insurance distribution directive, the text of which is set out in Parts 2 and 5 of Schedule 4, respectively; and. if the firm’s EEA right derives from the insurance distribution directive, one month beginning with the date on which the appropriate UK regulator received the notice of intention; in the words before paragraph (a), for the words from “insurance” to “territory” substitute “insurance distribution directive”; at the end of sub-paragraph (a), insert “and”; when the host state regulator has acknowledged receipt of that copy, the appropriate UK regulator must—, give written notice to the firm concerned that the host state regulator has received the notice of intention, and that the firm may begin providing the services to which the notice of intention relates, and. I would hope that the high standard it achieved in the past could be repeated in the future. My Lords, the UK and London are world-leading financial centres, providing access to a wide pool of investors and international capital. The current regulated activities are immigration, insolvency and claims management. Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 [SI 2018 No. 10.—(1) In section 55R (persons connected with an applicant)(12), in subsection (2)(a)(13), after “insurance”, insert “, ancillary insurance”. (b)in carrying out insurance distribution or reinsurance distribution. (4) In paragraph 5 (EEA firm), for sub-paragraph (e)(28), substitute—. I wanted to raise a couple of other issues. 3 Amendments to the Regulated Activities Order 2011 the provider does not take any additional steps to assist in concluding or performing an insurance contract; the purpose of that activity is not to assist the customer in concluding or performing a reinsurance contract; the management of claims of an insurance undertaking or of a reinsurance undertaking on a professional basis, and loss adjusting and expert appraisal of claims; the mere provision of data and information on potential policyholders to insurance intermediaries, reinsurance intermediaries, insurance undertakings or reinsurance undertakings where the provider does not take any additional steps to assist in the conclusion of an insurance or reinsurance contract; the mere provision of information about insurance or reinsurance products, an insurance intermediary, a reinsurance intermediary, an insurance undertaking or a reinsurance undertaking to potential policyholders where the provider does not take any additional steps to assist in the conclusion of an insurance or reinsurance contract.”, is for a Part 4A permission or a variation of a Part 4A permission, and. The Department for Education is looking at this. I accept that I may be a bear of little brain, but that should be the test. (5) Reports under this article are afterwards to be published at intervals not exceeding five years. The London Stock Exchange’s Alternative Investment Market and International Securities Market are examples of markets in which these instruments would operate. As secular entities, UK regulators do not operate on Islamic compliance. 2003/1473 and amended by paragraph 10 of Schedule 4 to the Financial Services Act 2012. After section 354G (information under the UCITS Directive)(22) insert—, 354H.—(1) The FCA and the PRA must give the Commission information about any general difficulties which UK insurance distributors encounter—. The definition of “EBA” was inserted by S.I. (3) In section 425 (expressions relating to authorisation elsewhere in the single market), in subsection (1)(a)(47), for “insurance mediation directive”, substitute “insurance distribution directive”. 2013/1883. 2012/916 and amended by S.I. Legal Instruments Add to favourites Print. The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation. Share. (2) Where the relevant requirements have been complied with, the insurance intermediary’s permission is to be treated as varied accordingly. 2003/1472 and amended by S.I. (b)the regulator considers that publication would jeopardise the stability of financial markets or an ongoing investigation. My noble friend should not apologise for a contribution such as that, which is very welcome. 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