CIPR 6.3.7 Business practices of insurance intermediaries

(1) A QFC insurance intermediary or QFC insurer that is acting as an insurance intermediary must hold an appointment (recorded in a durable medium), specific to it, from each insurance company that it can deal with.
(2) A QFC insurance intermediary that holds an appointment from an insurer that is a branch must be satisfied that the insurer is appropriately authorised by a competent authority in the insurer's home jurisdiction.
(3) If a QFC insurance intermediary refers insurance business to an insurer by way of another insurance intermediary, it must have an appointment, recorded in a durable medium, from the other insurance intermediary.
(4) An intermediary of a QFC insurer is not taken to carry on business in or from the QFC only because it acts as an intermediary for the QFC insurer.
(5) If an authorised firm uses intermediaries to distribute insurance products, the firm must be satisfied that each intermediary provides information to customers in a way that will help a customer to make an informed decision.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).