Related provisions for PERG 5.16.1

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COBS 9.4.2RRP
If a firm makes a personal recommendation in relation to a life policy, it must provide the client with a suitability report.[Note: first and third paragraphs of article 20(1) of the IDD8]
COBS 9.4.4RRP
A firm must provide the suitability report to the client:(1) in the case of a life policy, before the contract is concluded8; or(2) in the case of a personal pension scheme or stakeholder pension scheme that is not a life policy8, where the rules on cancellation (COBS 15) require notification of the right to cancel, no later than the fourteenth day after the contract is concluded; or(3) in any other case, when or as soon as possible after the transaction is effected or executed.[Note:
COBS 9.4.5RRP
[deleted]8
COBS 9.4.6RRP
In the case of telephone selling of a life policy, when the only contact between a firm and its client before conclusion of a contract is by telephone, the suitability report must be given in accordance with COBS 7.4.8[Note: article 23(7) of the IDD8]
COBS 9.4.7RRP
The suitability report must, at least:(1) specify, on the basis of the information obtained from the client,8 the client's demands and needs;(2) explain why the firm has concluded that the recommended transaction is suitable for the client having regard to the information provided by the client; 8(3) explain any possible disadvantages of the transaction for the client; and8(4) in the case of a life policy, include a personalised recommendation explaining why a particular life
COBS 9.4.9RRP
If a firm is providing a suitability report in the course of insurance distribution activity8, the information must be in accordance with COBS 7.4.8[Note: article 23 of the IDD8]
PERG 5.2.1GRP
[deleted]4
PERG 5.2.5GRP
The IDD4 imposes requirements upon EEA States relating to the regulation of insurance distribution and reinsurance distribution4. The IDD defines “insurance distribution”4 as including the activities of advising on4, proposing or carrying out other work preparatory to the conclusion of contracts of insurance4, or of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim. It includes the provision
PERG 5.2.6GRP
The United Kingdom has implemented the IDD (and the IMD before it)4, in part, through secondary legislation, which applies4 pre-existing regulated activities (slightly amended) in the Regulated Activities Order to the component elements of the insurance distribution and reinsurance distribution definitions in the IDD4 (see PERG 5.2.5 G and the text of IDD articles 2.1(1), 2.1(2) and 2.24 in PERG 5.16.2G4).
PERG 5.2.7GRP
[deleted]4
PERG 5.2.9GRP
It is the scope of the Regulated Activities Order rather than the IDD4 which will determine whether a person requires authorisation or exemption. However, the scope of the IDD4 is relevant to the application of certain exclusions under the Regulated Activities Order (see, for example, the commentary on article 67 in PERG 5.11.9 G (Activities carried on in the course of a profession or non-investment business)).
PERG 5.12.4GRP
Table Territorial issues relating to overseas insurance intermediaries carrying on insurance distribution activities5 in or into the United KingdomNeeds Part 4A permissionSchedule 3 EEA passport rights availableOverseas persons exclusion availableRegistered EEA-based intermediary with UK branch (registered office or head office in another EEA State)NoYesNoRegistered EEA-based intermediary with no UK branch providing cross-border servicesNoYesPotentially available [see Note]Third
PERG 5.12.7GRP
Section 418 of the Act extends the meaning that 'carry on regulated activity in the United Kingdom' would normally have by setting out additional cases in which a person who would not otherwise be regarded as carrying on the activity in the United Kingdom is to be regarded as doing so. Each of the following cases thus amounts to carrying on a regulated activity in the United Kingdom:(1) where a UK-based person carries on a regulated activity in another EEA State in the exercise
PERG 5.12.11GRP
UK-based persons must obtain Part 4A permission in relation to their insurance distribution activities5 in the United Kingdom as one of the following:(1) a body corporate whose registered office is situated in the United Kingdom; or(2) a partnership or unincorporated association whose head office is situated in the United Kingdom; or(3) an individual (that is, a sole trader) whose residence is situated in the United Kingdom.The United Kingdom will, in each case, be the Home State
PERG 5.12.13GRP
The effect of the IDD5 is that any EEA-based insurance intermediaries doing business within the Directive’s scope4 must first be registered in their home EEA State before carrying on insurance distribution5 in that EEA State or other EEA States. For these purposes, an EEA-based insurance intermediary is either:(1) a legal person with its registered office or head office in an EEA State other than the United Kingdom; or(2) a natural person resident in an EEA State other than the
PERG 5.12.16GRP
The E-Commerce Directive does not remove the IDD5 requirement for persons taking up or pursuing insurance distribution5 for remuneration to be registered in their Home State. Nor does it remove the requirement for EEA-based intermediaries to acquire passporting rights in order to establish branches in the United Kingdom (see PERG 5.12.7 G5) in relation to electronic commerce activity carried on from an establishment in the United Kingdom) or provide services on a cross–border
PERG 5.12.17GRP
Put shortly, the E-Commerce Directive relates to services provided into the United Kingdom from other EEA States and from the United Kingdom into other Member States. In broad terms, such cross-border insurance distribution5 services provided by an EEA firm into the United Kingdom (via electronic commerce activity or distance means) will generally be subject to IDD5 registration in, and conduct of business regulation of, the intermediary's EEA State of origin. By contrast, insurance
SUP 13.3.2GRP
A UK firm17 cannot establish a branch in another EEA State for the first time under an EEA right unless the relevant13 conditions in paragraphs 19(2), (4) and (5)12 of Part III of Schedule 3 to the Act are satisfied. It is an offence for a UK firm which is not an authorised person to contravene this prohibition (paragraph 21 of Part III of Schedule 3 to the Act). These conditions are that:913121213(1) the UKfirm has given the appropriate UK regulator,20 in accordance with the
SUP 13.3.2AGRP
[deleted]194882020208
SUP 13.3.2BGRP
4An appointed representative appointed by a firm to carry on insurance distribution activity19 on its behalf may establish a branch in another EEA State under the IDD19. In this case, the notice of intention8 in SUP 13.3.2 G (1) should be given to the appropriate UK regulator20 by the firm on behalf of the appointed representative.5820
SUP 13.3.2CGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance distribution activity19 maintained by the FCA20 under article 93 of the Regulated Activities Order may establish a branch in another EEA State under the IDD19 (see PROF 7.2).20
SUP 13.3.5GRP
(1) 8If the UK firm'sEEA right derives from the CRD12 or10MiFID8,10 the appropriate UK regulator20 will give the Host State regulator a consent notice within three months unless it has reason to doubt the adequacy of a UK firm's resources or its administrative structure.8 The Host State regulator then has a further two months to notify the applicable provisions (if any) and prepare for the supervision, as appropriate, of the UK firm, or in the case of a MiFID investment firm,
SUP 13.4.2GRP
A UK firm17 or an AIFM exercising an EEA right to market an AIF under AIFMD13,9 cannot start providing cross border services into another EEA State under an EEA right unless it satisfies the conditions in paragraphs 20(1) of Part III of Schedule 3 to the Act and, if it derives its EEA right from17AIFMD, MiFID or the UCITS Directive,13paragraph 20(4B) of Part III of Schedule 3 to the Act. If a UK firm derives its EEA right from the MCD, it cannot start providing cross border services
SUP 13.4.2AGRP
4An appointed representative appointed by a firm to carry on insurance distribution activity19 on its behalf may provide cross border services in another EEA State under the IDD19. In this case, the notice of intention8 in SUP 13.4.2 G (1) should be given to the appropriate UK regulator20 by the firm on behalf of the appointed representative5.820
SUP 13.4.2BGRP
4An exempt professional firm which is included in the record of unauthorised persons carrying on insurance distribution activity19 maintained by the FCA20 under article 93 of the Regulated Activities Order may provide cross border services in another EEA State under the IDD19 (see PROF 7.2).20
SUP 13.4.4GRP
8(2) [deleted]17(2A) If the UK firm’sEEA right derives from the IDD, paragraph 20(3B)(a) of Part III of Schedule 3 to the Act requires the appropriate UK regulator to send a copy of the notice of intention to the Host State regulator within one month of receipt.198(2B) Where a consent notice is given under the UCITS Directive, the FCA20 will at the same time:1020(a) communicate to the Host State regulator details of the compensation scheme intended to protect investors; and10(b)
PERG 5.11.2GRP
Several exclusions that would5 have the effect of restricting the scope of the regulated activities referred to in this guidance5 are disapplied or modified in order to properly implement IDD5.
PERG 5.11.6GRP
(1) The5 exclusion for groups and joint enterprises in article 69 of the Regulated Activities Order (Groups and joint enterprises) does not apply to transactions relating to contracts of insurance. This will affect5 a company providing services for:(a) other members of its group; or(b) other participants in a joint enterprise of which it is a participant.(2) Such companies might typically provide risk or treasury management or administration services which may include regulated
PERG 5.11.7GRP
Article 4(4A) of the Regulated Activities Order (Specified activities: general) disapplies certain exclusions where a person, for remuneration, takes up or pursues insurance distribution or reinsurance distribution5 (as defined in articles 2.1(1), 2.1(2) and 2.2 of the IDD5) and PERG 5.16.2G5) in relation to a risk or commitment located in an EEA State5. The relevant exclusions which are disapplied are:(1) arrangements in connection with lending on the security of insurance policies
PERG 5.11.10GRP
Although the article 67 exclusion is disapplied (by article 4(4A) of the Regulated Activities Order (Specified investments: general)) when a person takes up or pursues insurance distribution or reinsurance distribution5 as defined by articles 2.1(1), 2.1(2) and 2.2 of the IDD5, there may be cases where a person is not carrying on activities that amount to insurance distribution5. For example, where a person's activities amount simply to the provision of information on an incidental
PERG 5.11.11GRP
Article 67 may also apply to activities relating to assignments of insurance policies, as, in the FCA'sview, article 2.1(1) of the IDD5 applies essentially to the creation of new contracts of insurance and not the assignment of rights under existing policies. As such, where a solicitor or licensed conveyancer arranges an assignment of a contract of insurance, the exclusion in article 67 remains of potential application. For similar reasons, trustees advising on or arranging assignments
A firm must take out and maintain at all times professional indemnity insurance that is at least equal to the requirements in this section from: (1) an insurance undertaking which is authorised to transact professional indemnity insurance in the EEA; or (2) a person of equivalent status in: (a) a Zone A country; (b) the Channel Islands, Gibraltar, Bermuda or the Isle of Man. [Note: articles 10(4) and 10(5) of the IDD4
If the firm is an IDD insurance intermediary4, whether or not it is also an exempt CAD firm, the appropriate minimum limits of indemnity per year are no lower than: (1) EUR 1,250,0004 for a single claim against the firm; and(2) EUR 1,850,0004 in the aggregate.[Note: articles 10(4) and 10(5)4 of the IDD4]
If the firm is both an IDD insurance intermediary4 and an exempt CAD firm that maintains professional indemnity insurance under IPRU(INV) 13.1A.4(1)(b)4 , the appropriate additional limits of indemnity to IPRU(INV) 13.1.10R4 per year are no lower than: (1) EUR 500,000 for a single claim against the firm; and (2) EUR 750,000 in the aggregate. [Note: 3article 31(2) of the CRD (see also IPRU-INV 13.1A.4R2)]
If the firm is not an IDD insurance intermediary4 or an exempt CAD firm, then the following limits of indemnity apply: (1) if the firm has relevant income of up to £3,000,000, no lower than £500,000 for a single claim against the firm and £500,000 in the aggregate; or (2) if the firm has relevant income of more than £3,000,000, no lower than £650,000 for a single claim against the firm and £1,000,000 in the aggregate.
Article 10(7) of the IDD requires EIOPA to review the limits of indemnity every five years to take into account changes in the European index of consumer prices and to develop draft regulatory technical standards to adapt the base amount in euro by the percentage change in that index. Therefore, the limits of indemnity will be subject to further adjustments that will apply to firms in accordance with the regulatory technical standards adopted under article 10(7) of the IDD.4[Note:
MIPRU 5.2.1RRP
A firm must not use, or propose to use, the services of another person4 consisting of: (1) insurance distribution4; or(1A) 4reinsurance distribution; or(2) insurance distribution activity4; or(3) home finance mediation activity;11unless MIPRU 5.2.2 R is 3satisfied. 3[Note: 4Article 16 of theIDD4]22
MIPRU 5.2.2RRP
For the purposes of MIPRU 5.2.1 R, the person4, in relation to the activity must:33(1) have3permission; or3(2) be3 an exempt person; or3(3) be3 an exempt professional firm; or3(4) be3 registered in another EEA State for the purposes of theIDD4; or322(5) in relation to insurance distribution activity4, not be 3carrying this activity on in the EEA; or3(6) in relation to home finance mediation activity1, not be 3carrying this activity on in the United Kingdom.13[Note: article 164
MIPRU 5.2.3ERP
(1) A firm should:(a) before using the services of the intermediary, check:(i) the Financial Services Register; or(ii) in relation to insurance distribution or reinsurance distribution4 carried on by an EEA firm, the register of its Home State regulator;for the status of the person4; and(b) use the services of that person4 only if the relevant register indicates that the person4 is registered for that purpose.(2) (a) Checking the Financial Services Register before using the services
SUP App 3.3.2GRP
The Treaty provides the framework for the provision of banking, insurance business, investment business, UCITS management services and insurance mediation1, while the Single Market Directives clarify the rights and freedoms within that framework.1
SUP App 3.3.6GRP
1(1) The European Commission has not produced an interpretative communication on MiFID3. It is arguable, however, that the principles in the communication on the Second Banking Directive can be applied to investment services and activities3. This is because Chapter9 II of Title II of MiFID3 (containing provisions relating to operating conditions for investment firms3) also applies to the investment services and activities3 of firms operating under the Banking Consolidation Directive,
SUP App 3.3.10GRP
The E-Commerce Directive does not affect the responsibilities of Home State under the Single Market Directives. This includes the obligation of a Home State regulator to notify the Host State regulator of a firm's intention to establish a branch in, or provide cross border services into, the other EEA State.
SUP App 3.3.13GRP
1The Single Market Directives require credit institutions, insurance undertakings (other than reinsurance undertakings)5, MiFID investment firms3, AIFMs, 7UCITS management companies,8insurance intermediaries and MCD credit intermediaries8 to make a notification to the Home State before establishing a branch or providing cross border services.SUP 13.5 (Notices of intention) sets out the notification requirements for a firm seeking to establish a branch or provide cross border services.
COBS 9.1.5RRP
If the firm makes a personal recommendation to a professional client to take out a life policy which is not an insurance-based investment product5, this chapter applies, but4 only those rules which implement the requirements of the IDD5.
COBS 9.1.6GRP
If a rule implements a requirement of the IDD5, a Note (“Note:”)5 follows the rule indicating which provision is being implemented. COBS 2.1 (acting honestly fairly and professionally), COBS 2.6 (additional insurance distribution obligations, COBS 4 (communicating with clients), COBS 6 (information about the firm, its services and remuneration) and COBS 14 (product information) contains contain further rules implementing the IDD5
COBS 9.1.7GRP
[deleted]5
SUP App 3.6.3GRP
Under the Single Market Directives, however, EEA rights for the provision of services are concerned only with services provided in one of the ways referred to in SUP App 3.6.2 G (1) and (2) (How services may be provided).2
SUP App 3.6.5GRP
In the opinion of the European Commission (and in the wording of the Single Market Directives) "only activities carried on within the territory of another Member State should be the subject of prior notification" (Commission interpretative communication: Freedom to provide services and the interests of the general good in the Second Banking Directive (97/C 209/04)). In determining, for the purposes of notification, whether a service is to be provided 'within' another EEA State,
SUP App 3.6.11GRP
The key distinction in relation to temporary activities is whether a firm should make its notification under the freedom of establishment in a Host State, or whether it should notify under the freedom to provide services into a Host State. It would be inappropriate to discuss such a complex issue in guidance of this nature. It is recommended that, where a firm is unclear on the distinction, it should seek appropriate advice. In either case, where a firm is carrying on activities
SUP App 3.6.15GRP
The FCA considers5 that, in order to comply with Principle 3:Management and control (see PRIN 2.1.1 R), a firm should have appropriate procedures to monitor the nature of the services provided to its customers. Where a UK firm has non-resident customers but has not notified the EEA State in which the customers are resident that it wishes to exercise its freedom to provide services, the FCA5 would expect the firm's systems to include appropriate controls. Such controls would
IPRU-INV 9.2.4RRP
(1) An exempt CAD firm which is not an IDD insurance intermediary3 must have: (a) initial capital of EUR 50,000; or (b) professional indemnity insurance covering the whole territory of the EEA or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1,000,000 applying to each claim and in aggregate EUR 1,500,000 per year for all claims; or (c) a combination of initial capital and professional
IPRU-INV 9.2.5RRP
(1) An exempt CAD firm that is also an IDD insurance intermediary3 must comply with the professional indemnity insurance requirements at least equal to those set out in IPRU-INV 9.2.4R(1)(b)2 (except that the minimum limits of indemnity are at least EUR 1,250,000 for a single claim and EUR 1,850,0003 in aggregate) and in addition has to have: (a) initial capital of EUR 25,000; or (b) professional indemnity insurance covering the whole territory of the
Article 10(7) of the IDD requires EIOPA to review the limits of indemnity every five years to take into account changes in the European index of consumer prices and to develop draft regulatory technical standards to adapt the base amount in euro by the percentage change in that index. Therefore, the limits of indemnity will be subject to further adjustments that will apply to firms in accordance with the regulatory technical standards adopted under article 10(7) of the IDD.3[Note:
MIPRU 3.2.1RRP
A firm must take out and maintain professional indemnity insurance that is at least equal to the requirements of this section from:(1) an insurance undertaking authorised to transact professional indemnity insurance in the EEA; or(2) a person of equivalent status in:(i) a Zone A country; or(ii) the Channel Islands, Gibraltar, Bermuda or the Isle of Man.[Note: articles 10(4) and 10(5)6 of theIDD6]22
MIPRU 3.2.7RRP
If the firm is an insurance intermediary, then the minimum limits of indemnity per year6are:(1) for a single claim, €1,250,0006; and33(2) in aggregate, the higher of:633(a) €1,850,000; and6(b) an amount equivalent to 10% of annual income (this amount being subject to a maximum of £30 million).6[Note: articles 10(4) and 10(5)6 of theIDD6]22
MIPRU 3.2.7AGRP
Article 10(7) of the IDD requires EIOPA to review the limits of indemnity every five years to take into account changes in the European index of consumer prices and to develop draft regulatory technical standards to adapt the base amount in euro by the percentage change in that index. Therefore, the limits of indemnity will be subject to further adjustments that will apply to firms in accordance with the regulatory technical standards adopted under article 10(7) of the IDD.6[Note:
SUP 14.1.1GRP
1This chapter applies to an incoming EEA firm15 which has established a branch in, or is providing cross border services into, the United Kingdom under one of the Single Market Directives or the auction regulation8 and, therefore, qualifies for authorisation under Schedule 3 to the Act. The chapter does not apply to an EEA firm that is a Solvency II firm or to Gibraltar firms treated as such Solvency II firms. Solvency II firms and such Gibraltar firms should consult the relevant
SUP 14.1.3GRP
(1) Under the Gibraltar Order4 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:(a) [deleted]151313(aa) [deleted]1313(b) authorised in Gibraltar under the9CRD; or;494(c) authorised in Gibraltar under the IDD16; or4(d) authorised in Gibraltar under MiFID; or1010(e) authorised in Gibraltar under the UCITS Directive; or1210(f) authorised in Gibraltar under AIFMD.12(g) authorised in Gibraltar under the MCD14(1A) 4Similarly,
SUP 14.1.7GRP
In addition, the chapter does not give guidance on the procedures for making an application for top-up permission, to carry on regulated activities in the United Kingdom which are outside the scope of the Single Market Directives and for which the firm cannot exercise Treaty rights. Incoming EEA firms seeking a top-up permission should refer to 3SUP 13A3.
SUP 13A.1.1GRP
(1) 1This chapter applies to an EEA firm that wishes to exercise an entitlement to establish a branch in, or provide cross border services into, the United Kingdom under a Single Market Directive or the auction regulation7. (The Act refers to such an entitlement as an EEA right and its exercise is referred to in the Handbook as "passporting".) (See SUP App 3 (Guidance on passporting issues) for further guidance on passporting.)The chapter does not, apart from in SUP 13A.6G (rules
SUP 13A.1.3GRP
(1) Under the Gibraltar Order2 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:22(a) [deleted]141212(aA) [deleted]1212(b) authorised in Gibraltar under the CRD8; or282(c) authorised in Gibraltar under the IDD15; or2(d) authorised in Gibraltar under the MiFID4;9 or114(e) authorised in Gibraltar under the UCITS Directive9; or11(f) authorised in Gibraltar under AIFMD.11(g) authorised in Gibraltar under the MCD13(1A)
SUP 13A.1.5GRP
(1) EEA firms should note that this chapter only addresses the procedures which the appropriate UK regulator16 will follow under the Act.So, an EEA firm should consider this guidance in conjunction with the requirements with which it will have to comply in its Home State. 166(2) The guidance in this chapter represents the appropriate UK regulator's16 interpretation of the Single Market Directives, the auction regulation,7 the Act and the secondary legislation made under the Act.
ICOBS 4.1.2RRP
In good time before4 the conclusion of an initial contract of insurance and, if necessary, on its amendment or renewal :4(1) a firm must provide the customer with at least the following information:4(a) its identity, address and whether it is an insurance intermediary or an insurance undertaking;4(b) whether it provides a personal recommendation about the insurance products offered;4(c) the procedures allowing customers and other interested parties to register complaints about
ICOBS 4.1.6RRP
(1) Where an insurance intermediary proposes or advises on a contract of insurance then in good time before4 the conclusion of an initial contract of insurance (other than a connected travel insurance contract) and, if necessary, on its amendment or renewal an insurance intermediary4 must provide the customer with at least information on whether the firm4:2(a) gives a personal recommendation4, on the basis of a fair and personal4 analysis; or(b) is under a contractual obligation
ICOBS 4.1.9RRP
[deleted]4
SUP 13A.4.1GRP
(1) Before an EEA firm5(other than an EEA pure reinsurer or an EEA firm that has received authorisation under article 18 of the auction regulation)53exercises an EEA right to establish a branch in the United Kingdom10, the Act requires it to satisfy the establishment conditions, as set out in paragraph 13(1) of Part II of Schedule 3 to the Act. (2) For the purposes of paragraph 13(1)(b)(iii) of Part II of Schedule 3 to the Act, the information to be included in the consent notice
SUP 13A.4.2GRP
[deleted]10
SUP 13A.4.4GRP
(1) When the appropriate regulator11 receives a consent notice from the EEA firm'sHome State regulator, it will, under paragraphs 13(2)(b), (c) and 13(3) of Part II of Schedule 3 to the Act, notify the applicable provisions (if any)911within two months of the notice2 date.2(1A) The notice date is:2(a) for a MiFID investment firm, the date on which the Home State gave the consent notice; and2(b) in any other case, the date on which the appropriate UK regulator11 received the consent
SUP 13A.5.2GRP
An EEA firm3(other than7 an EEA firm that received authorisation under article 18 of the auction regulation)31should note that the requirement under the Single Market Directives to give a notice of intention to provide cross border services applies whether or not:(1) it has established a branch in the United Kingdom; or(2) those cross border services are regulated activities.
SUP 13A.5.4GRP
(1) Unless the EEA firm3(other than7 an EEA firm that received authorisation under article 18 of the auction regulation)331is passporting under the IDD8, if the appropriate UK regulator9 receives a regulator's notice or, where no notice is required , is informed of the EEA firm's intention to provide cross border services into the United Kingdom, the appropriate UK regulator9 will, under paragraphs 14(2) and 14(3) of Part II of Schedule 3 to the Act, notify the EEA firm of the
(1) A firm which is not an IDD insurance intermediary5 must have:(a) initial capital of EUR 50,000; or (b) professional indemnity insurance at least equal to the requirements of IPRU-INV 13.1.11R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 1(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to (a) or (b). [Note: Article 67(3) of MiFID and article 31(1) of the CRD (see also rule IPRU-INV
(1) A firm that is also an IDD insurance intermediary5 must have professional indemnity insurance at least equal to the limits set out in IPRU-INV 13.1.10R4 and in addition must2 have:1(a) initial capital of EUR 25,000; or (b) professional indemnity insurance at least equal to the requirements1 of IPRU-INV 13.1.12R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 211(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level
PERG 5.16.2GRP
(1) Text of article 2.1(1) of the Insurance Distribution Directive1 “‘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