Regulatory Framework for General Insurance Intermediaries

Closed 28 Feb 2020

Opened 4 Dec 2019

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.

Results updated 1 Jul 2020

Files:

Overview

Enhanced requirements for general insurance intermediaries.

Why we are consulting

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