The Financial Services and Markets Act 2000 (Motor Insurance) Regulations 2007 (SI 2007/2403) have been made available on the Office of Public Sector Information (OPSI) website.
These regulations follow the consultation made by HM Treasury on implementing part of the Third Motor Insurance Directive, as amended by the Fifth Motor Insurance Directive.
HM Treasury’s consultation ran from March until May earlier this year. Although most of the provisions of the Fifth Motor Insurance Directive are the responsibility of the Department for Transport, the Treasury is responsible for implementing articles 4(4) - 4a(1) of the Directive which cover relevant financial provisions.
The regulations amend the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2001. The changes introduced through the regulations are intended to make it easier for consumers to buy insurance where a vehicle is being dispatched from one European Economic Area (EEA) state to another. Broadly, where a vehicle is dispatched, a 30 day derogation applies from the general rule that motor insurance cover can only be provided by an insurers authorised to write business in the EEA state in which the vehicle is registered.
For further information: Financial Services and Markets Act 2000 (Motor Insurance) Regulations 2007