ACE Insurance Advisers Ltd acts only as an insurance intermediary; the firm must be authorised and registered under which regulations?

• A. EU (Insurance Distribution) Regulations, 2018 only
• B. Investment Intermediaries Act, 1995 only
• C. MiFID Regulations
• D. EU (Insurance Distribution) Regulations, 2018 and MiFID Regulations

Answer: (A)

For an insurance intermediary, the regulatory framework that applies is the EU Insurance Distribution Regulations implemented in Ireland. These regulations, dating from the EU’s Insurance Distribution Directive, require such firms to obtain authorisation and be registered with the Central Bank of Ireland. They are specifically designed to govern how insurance products are distributed, including conduct of business, consumer protections, and professional competence.

MiFID Regulations cover investment services and investment firms, not pure insurance distribution. If a firm only advises on and arranges insurance contracts, MiFID does not apply. Similarly, the Investment Intermediaries Act 1995 deals with investment intermediaries, not insurance distribution, so it would not dictate the authorisation for an insurance-only intermediary.

Therefore, the appropriate regime is the EU (Insurance Distribution) Regulations, 2018 only.