The requirements of the Solicitors Regulation Authority’s (SRA’s) insurance distribution regime have very limited application in relation to insurance distribution activities for commercial clients regarding contracts of insurance covering risks within the following categories: • railway rolling stock, aircraft, ships, goods in transit, aircraft liability and liability of ships • credit and suretyship, where the policyholder is engaged professionally in an industrial or commercial activity or in one of the liberal professions, and the risks relate to such activity • land vehicles (other than railway rolling stock), fire and natural forces, other damage to property, motor vehicle liability, general liability, and miscellaneous financial loss, in so far as the policyholder exceeds the limits of at least two