IMEB 2.2.1 When part 2.2 does not apply

This part does not apply to a firm that conducts insurance mediation by means of a branch.

Note 1 Under rule 2.1.1, this part applies to every firm that is an insurance intermediary with an authorisation that permits it to conduct only insurance mediation and no other business that is or includes a regulated activity. However, this rule excludes from the application of this part firms that are not incorporated, or otherwise established as a partnership or unincorporated association, in the QFC.

Note 2 A firm that conducts insurance mediation by means of a branch will be subject to the regulatory capital requirements in its home jurisdiction.

Note 3 Insurance mediation is defined in rule 1.2.2. Branch is defined in the glossary.

Derived from QFCRA RM/2011-3 (as from 1st July 2011)