Insurers are obliged to ensure that their appointed intermediaries comply with the regulations.\u00a0 The Regulations require intermediaries to have knowledge and ability to comply with the relevant legal requirements and sufficient knowledge and competence to carry out the relevant activities. Minimum qualifications and competence, including continuing professional development and other obligations, apply on an ongoing basis.<\/p>\n
There are requirements in respect of client accounts.\u00a0\u00a0 Money paid to an intermediary is deemed to be paid to the insurance undertaking.\u00a0 Money paid to the intermediary for the customer is not deemed paid, until the customer receives it.<\/p>\n
Intermediaries must have minimum professional indemnity cover of \u20ac1 million for each claim and in aggregate 1,500,000 per claims annually.<\/p>\n
Insurance intermediaries must disclose certain information including whether they are under a contractual obligation to advise exclusively on the products of\u00a0 one insurer or whether it provides advice based on an analysis of the market or larger number of products.<\/p>\n
Specified steps must be taken and information must be provided in advance of an insurance contract being entered. This includes a detailed needs assessment (know your customer) and a rationalisation of the relevant recommendation.<\/p>\n\n
\n <\/div>\n\n","protected":false},"excerpt":{"rendered":"
Types of Insurer There are separate schemes of authorisation and regulation for life and non-life insurance.\u00a0 The differences in the risks and nature of the business have justified separate legislation. Both are regulated by the Central Bank and contain many common features. In each case, Irish regulations made under the European Communities Act implement the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[131],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/5283"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=5283"}],"version-history":[{"count":0,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/5283\/revisions"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=5283"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=5283"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=5283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}