The European Union (Insurance Distribution) Regulations 2018, (‘the IDR’) came into force on 01 October 2018 and replaces the European Communities (Insurance Mediation) Regulations 2005 (‘the IMR’). Whereas previously only insurance/reinsurance undertakings could appoint Tied Insurance Intermediaries, under this new legislation, intermediaries may now also appoint other intermediaries as Tied Insurance Intermediaries to act on their behalf. A Tied Insurance Intermediary may only be appointed if it is of good repute and possesses the appropriate general, commercial and professional knowledge and competence to enable the Tied Insurance Intermediary to deliver to the client or potential client the proposed services of the entity for whom the Tied Insurance Intermediary will act. An insurance/reinsurance undertaking or other intermediary that appoints a Tied Insurance Intermediary remains fully and unconditionally responsible for any act or omission on the part of the Tied Insurance Intermediary when acting on its behalf.
If the Central Bank is satisfied with the proposed appointment, the Tied Insurance Intermediary will be entered in the IDR public register maintained by the Central Bank on its website. An insurance/reinsurance undertaking or other intermediary shall only appoint Tied Insurance Intermediaries once their registration has been confirmed in writing by the Central Bank.
If an insurance/reinsurance undertaking or other intermediary wishes to apply to the Central Bank to appoint a Tied Insurance Intermediary under the IDR it must complete the Application Form for the Appointment of Tied Insurance Intermediaries and then submit the completed form to [email protected]. This form must also be completed in respect of the termination of a Tied Insurance Intermediary appointment or changes to the information previously provided regarding existing Tied Insurance Intermediaries.
In advance of submitting an application for the appointment of a Tied Insurance Intermediary under the IDR, the insurance/reinsurance undertaking or other intermediary should satisfy itself that it has considered the provisions of Regulation 9 of the IDR and sought any legal advice, where deemed necessary, as to its regulatory obligations in respect of appointed Tied Insurance Intermediaries.
Any queries in respect of the IDR Tied Insurance Intermediary process can be directed to [email protected].