Section 74 Intermediaries in insurance transactions.C1

United Kingdom

(1)

Regulations may be made for requiring any person who—

(a)

invites another person to make an offer or proposal or to take any other step with a view to entering into a contract of insurance with an insurance company; and

(b)

is connected with that company as provided in the regulations,

to give the prescribed information with respect to his connection with the company to the person to whom the invitation is issued.

(2)

Regulations may be made for requiring any person who, in the course of carrying on any business or profession, issues any such invitation as is mentioned in subsection (1)(a) above in relation to an insurance company which is not an authorised insurer in respect of the contract in question to inform the person to whom the invitation is issued that the company is not such an insurer as aforesaid.

In this subsection “authorised insurer”, in relation to a contract of any description, means a person entitled to carry on in the United Kingdom insurance business of a class comprising the effecting of contracts of that description F1or an EC or EFTA company entitled to provide in the United Kingdom insurance of such a class.

(3)

Any person who contravenes regulations under this section shall be guilty of an offence.

Annotations

Textual amendments

F1: Words in s. 74(2) inserted (1.7.1994) by S.I. 1994/1696, reg. 42

Modifications

C1: S. 74 restricted by Financial Services Act 1986 (c.60, SIF 69), s. 129, Sch. 10 para. 5(2)

Notes on the whole Act

Textual amendments

F1: Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)