Insurance Distribution Directive (IDD)

From the commencement of European Union (Insurance Distribution) Regulations 2018 (S.I. No. 229/2018), as of 1 October 2018 the Central Bank of Ireland has taken over the regulation of Insurance distribution including insurance-based investment products. These products have been removed from the scope of products that are regulated under a firm’s investment business certificate (Ireland).

As a result of these changes, most practices are not expected to require a firm's investment business certificate (Ireland).

Should you wish to undertake Insurance distribution activities, a direct application should be made to the Central Bank of Ireland. From 1 October 2018, an ACCA firm’s investment business certificate (Ireland) will only cover non-insurance based investments such as EIIS, direct investments and referrals to authorised investment intermediaries or investment business firms.

Just to confirm that from 1 October 2018 referring a client to an independent insurance broker for insurance advice is no longer a regulated activity. A practice no longer requires either insurance business authorisation from the Central Bank or investment business authorisation from ACCA to make such referrals.

For further information on the types of work ACCA regulated firms can undertake, please call our technical advisory team on +353 (0)1 498 8907.