PART 3Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Article 33B (provision of information – contracts of insurance)128

1

Article 33B220 (provision of information – contracts of insurance) is amended as follows.

2

In paragraph (4)—

a

for the definition of “insurance intermediary” substitute—

  • “insurance intermediary” means a person other than—

    1. a

      an insurance or reinsurance undertaking or an employee of such an undertaking, or

    2. b

      an ancillary insurance intermediary,

who, for remuneration, takes up or pursues the activity of insurance distribution;

b

for the definition of “reinsurance intermediary” substitute—

  • “reinsurance intermediary” means a person other than—

    1. a

      a reinsurance undertaking, or

    2. b

      an employee of a reinsurance undertaking,

who, for remuneration, takes up or pursues the activity of reinsurance distribution;

3

After that paragraph insert—

5

In paragraph (4)—

  • “ancillary insurance intermediary”, “insurance distribution” and “reinsurance distribution” have the same meaning as in article 4;

  • “remuneration” means any commission, fee, charge or other payment, including an economic benefit of any kind or any other financial or non-financial advantage or incentive offered or given.