Regulatory Framework for General Insurance Intermediaries
Feedback updated 1 Jul 2020
We asked
For views and evidence in relation to our proposals for a number of legislative changes to the insurance intermediation framework. The proposals had been subject to a prior consultation exercise with views sought on the final format of legislation ahead of the proposed implementation in October 2020.
You said
Respondents generally welcomed and supported the proposals. A number of respondents sought to clarify the applicability of the proposed legislation to their own business models or products. Furthermore, some respondents noted areas where the legislation, as currently drafted, might be clearer.
We did
We made a number of changes the drafting of the legislation to make it clearer. The Authority will now progress the legislation through legal review and consultation with Treasury, with a view to introducing the legislation in October 2020.
Overview
Enhanced requirements for general insurance intermediaries.
Why your views matter
This consultation paper brings together the proposals of the previous consultations and sets out the legislative changes for the insurance intermediation framework required to bring those proposals into effect. It highlights where changes have been made following the previous consultation exercises.
We are keen to hear the views of the general insurance intermediation sector and any parties with an interest, to enable us to progress this legislation through to implementation during 2020.
What happens next
We will review results from the consultation which will be used to inform the final version of the legislation for implementation. We will liaise further with respondents as necessary.
Areas
- All Areas
Audiences
- All residents
Interests
- Legislation
- Finance
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