The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Regulations 2024

Amendment of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

5.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows.

(2) In article 4 (specified activities: general)—

(a) in paragraph (4A), in the words before sub-paragraph (a), omit the words from “, other than” to the end;

(b) in paragraph (5)—

(i) omit the definition of “ancillary insurance intermediary”;

(ii) for the definition of “insurance distribution”, substitute—

““insurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a contract of insurance;”;

(iii) for the definition of “reinsurance distribution”, substitute—

““reinsurance distribution” means any regulated activity of the kind specified by article 21, 25(1) or (2), 39A, 53, or, so far as relevant to any of those articles, article 64, which is carried on in relation to a reinsurance contract.”.

(3) In article 33B (provision of information - contracts of insurance), in paragraph (4)—

(a) for the meaning of “insurance intermediary”, substitute—

““insurance intermediary” means a person, other than an insurance or reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity;”;

(b) for the meaning of “reinsurance intermediary”, substitute—

““reinsurance intermediary” means a person, other than a reinsurance undertaking, or an employee of such an undertaking, who has Part 4A permission to carry on an insurance distribution activity in relation to a contract of insurance that concerns reinsurance;”.

(4) In article 72B (activities carried on by a provider of relevant goods or services), in paragraph (1)(c)—

(a) in paragraph (i), for “600 euro” substitute “£500”;

(b) in paragraph (ii), for “200 euro” substitute “£175”;

(c) in the words after paragraph (ii), omit the words “sterling or”.

(5) Omit Schedule 4 (relevant text of the Insurance Distribution Directive).

(1)

S.I. 2001/544. Article 4(4A) and (5) were substituted by S.I. 2018/546 and amended by S.I. 2019/632. In article 33B, the definitions of “insurance intermediary” and “reinsurance intermediary” were substituted by S.I. 2019/632. Article 72B was inserted by S.I. 2003/1476 and substituted by S.I. 2018/546; there are other amendments but none is relevant to these Regulations. Schedule 4, parts 1 to 5 were added by S.I. 2003/1476 and substituted by S.I. 2018/546. Schedule 4, part 6 was added by S.I. 2019/632.