The following Practice Compliance guidance note provides comprehensive and up to date legal information covering:
This Practice Note has been archived and is not maintained. It relates to the insurance mediation regime applying to law firms before 1 October 2018. For the regime applying from 1 October 2018, see Practice Note: Insurance distribution activities—law firms, Insurance distribution checklist—law firms and Precedent: Letter recommending insurance–demands and needs—law firms.
Insurance mediation activities are defined as any of the following activities specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (Regulated Activities Order 2001), SI 2001/544 that are carried on in relation to a contract of insurance:
dealing in investments as agent
arranging (bringing about) deals in investments
making arrangements with a view to transactions in investments
assisting in the administration and performance of a contract of insurance
advising on investments
agreeing to carry on a regulated activity in the above
The table below sets out the sort of activities in which firms tend to engage regarding defective title and costs insurance, and explains whether each activity constitutes an insurance mediation activity:
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