Firms who wish to provide insurance mediation services must be registered as insurance intermediaries under the European Communities (Insurance Mediation) Regulations 2005. Insurance Intermediaries can provide general, life and health insurance products to consumers, depending on the type of insurance companies you hold an agency from.
Many intermediaries also wish to be regulated under the Investment Intermediaries Act, 1995 in order to be able provide additional services for example, deposits. The status of these intermediaries falls into the categories of Authorised Advisors (AA) or Multi-Agency Intermediaries (MAI) [formerly known as Restricted Investment Product Intermediaries (RAIPI)].
The application process for registration under the Insurance Mediation Directive and authorisation under the Investment Intermediaries Act involves the submission of an application form, certain prescribed documentation (this includes a business plan) and individual questionnaires for directors, shareholders and senior management. Additional information may be requested by the Central Bank of Ireland, if necessary.
You will find the application forms for registration under IMD and authorisation under the IIA and a guidance note by clicking on the following link Central Bank - Getting Authorized.
Once authorised, subsequent amendments can be made to a firm’s authorisation subject to the approval of the Central Bank of Ireland. Changes in the firm’s ownership or management structure are also subject to such approval.
If you require any help in getting authorised you can contact PIBA on 01 4922202
Professional Insurance Brokers Association Company Limited by Guarantee. Registered in Ireland under company number 234651. Registered office: Unit 14 B, Cashel Business Centre, Cashel Road, Crumlin, Dublin 12. Directors: Ciaran Blackall, Joe Bruen, Cathal Coates, Rodney Croly, Róisín Clarke, Duncan Duke, Dermot Martin, Mark Nugent, Samantha Nagle.