Legislation and Guidance
The Insurance Act 2008 replaced the Insurance Intermediaries (General Business) Act 1996 as the primary legislation governing the regulation of general insurance business intermediaries with effect from 1st December 2008. The Insurance Intermediaries (General Business) Regulations 1999, which were made under now-repealed legislative provisions, continue to have effect.
The Authority issued the Insurance Intermediaries (General Business) (Amendment) Regulations 2012, which came into effect on 1 March 2013. These regulations introduced a new exemption for certain holders of licenses issued under the Financial Services Act 2008 to be exempt from the requirement to register separately as a general insurance intermediary with the Authority. The regulations also introduce new submission timeframes for audited accounts and update the Authority’s requirements for professional indemnity insurance in relation to general insurance intermediaries.