W.I.S.E. Underwriting Agency Limited

Limits on the record

• Restriction on placing business with, or providing services to, overseas insurance undertakings

  Business Restriction 1) The Firm must not carry on any activities, whether regulated or otherwise, in the UK, where those activities: a) are carried on for, or on behalf of, an overseas insurance undertaking; and b) would lead that insurance undertaking to be effecting or carrying out a contract of insurance in the UK. For the avoidance of doubt, this includes effecting new policies and renewing any existing policies. This restriction applies to activities whether carried on by the firm directly or through its Appointed Representatives. 2) The requirement in paragraph 1 applies in relation to any overseas insurance undertaking which, as a result of the activities of the Firm or where it would be reasonably expected for the Firm to conclude, requires but does not have FSMA authorisation to carry on insurance business in the UK. Transition Period 3) The Firm may, until 4 weeks from the Effective Date, continue to carry on certain activities on behalf of an overseas insurance undertaking (which would otherwise be restricted under paragraphs 1 – 2) where: a) these activities are in relation to policies arranged by the Firm that were in force prior to the Effective Date; b) the activities are limited to claims handling and mid-term adjustments where those activities are necessary for the relevant overseas insurance undertaking to carry out those contracts; and 4) The time period under which the Firm may provide the activities under paragraph 3 will be treated as extended by one calendar month or such other amount of time specified by the FCA where: a) the Firm has, at least 5 days before the date in paragraph 3 or later date pursuant to this paragraph, requested (in writing) consent from the FCA to extend this time period. This request must include an explanation of: i. why the overseas insurance undertaking has been unable to put in place arrangements to provide these services through alternative means whether by itself or through another person; ii. how the cessation of those services on the date in paragraph 3 (or a later date following the process under this paragraph) would result in material detriment to UK customers; iii. the steps being taken to ensure there is a reasonable prospect of the overseas insurance undertaking putting in place alternative arrangements and the time frame in which this will be completed; and b) the FCA has given its consent in writing, based on the information provided, to the time period being extended. Notification to Insurers 5) The Firm must, within 5 working days of these Requirements taking effect, notify any overseas insurance undertakings with whom it, or its Appointed Representatives, placed the relevant business or have arrangements under which they could place relevant business of the effect of the restrictions in paragraphs 1 and 2. Notification to Customers 7) The Firm must, within 5 working days of these Requirements taking effect, notify in writing all customers impacted by the restrictions in paragraphs 1 and 2, save for those subject to the exception in paragraph 3, of the imposition and effect of these Requirements in a form to be agreed in advance with the FCA. Record Retention 8) The Firm must secure all books and records and preserve all information and systems relating to the Firm’s regulated activities and must retain these in a form to be notified to the FCA in writing, such that they can be provided to the FCA, or to a person named by the FCA, promptly on its request. This requirement applies to information held by the firm and its Appointed Representatives. Definitions Overseas insurance undertaking: An insurance undertaking which has its registered office (or, if it has no registered office, its head office) outside the United Kingdom and is not a FSMA authorised person