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

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

128.—(1) Article 33B(1) (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—

(a)

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

(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—

(a)

a reinsurance undertaking, or

(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.”.

(1)

Article 33B was inserted by S.I. 2018/546.