After article 39 (other exclusions from the activity of managing investments), insert -

"Chapter VIIA Assisting in the Administration and Performance of a Contract of Insurance

The activity

Assisting in the administration and performance of a contract of insurance

39A. Assisting in the administration and performance of a contract of insurance is a specified kind of activity.

Exclusions

Claims management on behalf of an insurer etc.

39B.

(1) A person does not carry on an activity of the kind specified by article 39A if he acts in the course of carrying on the activity of -

(a) expert appraisal;

(b) loss adjusting on behalf of a relevant insurer; or

(c) managing claims on behalf of a relevant insurer,

and that activity is carried on in the course of carrying on any profession or business.

(2) In this article -

(a) "relevant insurer" means -

(i) a person who has Part IV permission to carry on an activity of the kind specified by article 10;