1.1 Introduction

(1) This Chapter sets out the scope of application of these PRU(INT) Rules.

(2) These PRU(INT) Rules create:

1. (a) a general financial resources requirement in accordance with Chapter 2;
2. (b) a minimum capital requirement in accordance with Chapter 3; and
3. (c) a requirement to maintain professional indemnity insurance in accordance with Chapter 4.

(3) Chapter 5 imposes reporting and notification requirements that relate to the matters covered by these PRU(INT) Rules.

1.2 Commencement

These PRU(INT) Rules commence on 1 January 2018.

1.3 Application of these PRU(INT) Rules

(1) These PRU(INT) Rules apply to Insurance Intermediaries and Insurance Managers. The term “Authorised Firm” is used where rules apply to both Insurance Intermediaries and Insurance Managers.

(2) If an Insurance Intermediary holds both an Authorisation to carry on Insurance Mediation and an Authorisation to carry on PRU Investment Business or other Non-PRU(INV) Investment Business, it will be subject to these PRU(INT) Rules in relation to the whole of its business, including its PRU Investment Business and other Non-PRU(INV) Investment Business. However, the AFSA may direct that the Insurance Intermediary will be deemed to satisfy:

1. (a) some or all of these PRU(INT) Rules where it satisfies the rules that apply to it by reason of the Authorisation to carry on PRU Investment Business or other Non-PRU(INV) Investment Business; or
2. (b) some or all of these PRU(INT) Rules that apply to it by reason of the Authorisation to carry on PRU Investment Business or other Non-PRU(INV) Investment Business where it satisfies these PRU(INT) Rules.

(3) Where an Authorised Firm is also regulated by another Financial Services Regulator (in addition to being regulated by the AFSA), it must comply with these PRU(INT) Rules and with the rules of any other Financial Services Regulator, in each case to the extent applicable.