33. Insurance Intermediation
Past version: effective from 20/10/2015 - 19/10/2015
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(1) Insurance Intermediation is a specified kind of activity.
(2) Insurance Intermediation means —
(a) advising on Contracts of Insurance;
(b) acting as agent for another person in relation to the Buying or Selling of Contracts of Insurance for that other person; or
(c) making arrangements with a view to another person, whether as principal or agent, Buying Contracts of Insurance.
(3) In sub-paragraph (2)(a), "advising" means giving advice to a person in his capacity as a policyholder or potential policyholder, or in his capacity as agent for a policyholder or potential policyholder on the merits of his entering into a Contract of Insurance whether as principal or agent.
(4) In sub-paragraph (3), "advice" includes a statement, opinion or report —
(a) where the intention is to influence a person, in making a decision, to select a particular Contract of Insurance or insurance cover; or
(b) which could reasonably be regarded as being intended to have such influence.
(5) The arrangements in sub-paragraph (2)(c) include arrangements which do not bring about the transaction.
(6) The arrangements in sub-paragraph (2)(c) do not include arrangements of the kind described in paragraph 67 that constitute marketing.
(7) The exclusion in paragraph 29 applies to the activity specified in sub-paragraph (2)(a).