Quick guide to Acting as Ancillary Insurance Intermediaries

25 July 2018

 

This Guide is intended only as an introduction to Acting as Ancillary Insurance Intermediaries Code (AAIIC) and to help you understand the nature of the changes which are being introduced on 1 October 2018.

These changes are being introduced to implement the Insurance Distribution Directive (IDD) and follow closely the terms of the IDD.

The paragraphs referenced below refer to the CLC AAIIC Code:

  • The scope of insurance intermediary activity you are permitted to carry out remains unchanged [para 14-16].
  • A manager must be appointed to be responsible for compliance with the Code [para 17-18].
  • All staff must have appropriate knowledge and ability to perform their duties [para 45].
  • You can communicate with the client in any manner agreed between you, except that the client is entitled at any time to ask you to provide paper copies of documents [para 40].
  • All information must be provided in good time before the contract of insurance is concluded [para 39].
  • The information you are required to provide has been extended [para 38 and 39, see also para 10 Guidance].  The best way to ensure that all the information prescribed is included is to create or expand your existing advice template to take account of these changes.

 

You can see the changes in advance of them coming into force on 1 October 2018 in the documents below:

Acting as Ancillary Insurance Intermediaries Code

Acting as Ancillary Insurance Intermediaries Guidance

 

Minor amendments have also been made to:

Professional Indemnity Insurance Code

Regulatory Arrangements Glossary of Terms

CLC Recognised Body Recognition Framework

CLC lawyer licensing framework

ABS Licensing framework

 

This website uses cookies

We use cookies to improve your experience on our website. If you continue without changing your settings, we'll assume that you are happy to accept all cookies on the CLC website. You can change your settings at any time.