Approved by the European Parliament in September 2002 concerning insurance and reinsurance intermediary regulation. Its aim is to create a system of registration based on the following professional requirements: (a) in possession of the necessary general, commercial and professional knowledge and ability; (b) of good reputation; (c) in possession of professional indemnity insurance or any comparable guarantee against liability for professional negligence; (d) having sufficient financial capacity for those intermediaries who handle client account money. This is similar to the GISC matrix of regulation. Once intermediaries are registered in their home country they will be free to provide services in other EC states. See MEDIATION ACTIVITIES.