| (1) | The Authority may, on reasonable grounds, on application from an insurer or on the Authority's own initiative, subject to such conditions as the Authority may determine, exempt an insurer or independent intermediary from any requirement of this Part if the Authority is satisfied that— |
| (a) | the granting of the exemption is necessary because practicalities impede the strict application of a specific provision of this Part or another Act of Parliament regulates an activity that is subject to this Part and that such regulation of the activity justifies the exemption from a specific requirement of this Part; |
| (b) | the granting of the exemption will not materially increase risk to the insurer; |
| (c) | the granting of the exemption will not be contrary to the public interest; and |
| (d) | the granting of the exemption will not compromise the fair treatment of or continuous and satisfactory service to policyholders. |
[Part 8.4 substituted by regulation (9) of Notice No. 1015, GG 41942, dated 28 September 2018]
