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Non investment insurance mediation business

On the one hand, if all exclusions eg for specific medical conditions are set out in the summary it may result in a very long document. On the other hand, the insurer may find it difficult to rely on exclusions that are not mentioned in the summary. The same comments sometimes apply to household insurance. Policy summaries will remain mandatory, however, for all protection products, including PPI. There are other detailed requirements on product information for protection products set out in ICOBS 6.

Equally important, however, in developing compliance policies for protection products, will be to follow:. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology.

Back Forward. Share Facebook Twitter Linked In. Follow Please login to follow content. Register now for your free, tailored, daily legal newsfeed service. United Kingdom February 7 Introduction A new set of rules and guidance covering the sale and administration of non-investment insurance was adopted by the Financial Services Authority the FSA in December Outcome of consultation Following the outcome of its consultation the FSA has adhered to this approach in the final version of ICOBS, while making changes in the detail.

This includes pure protection contracts and PPI, even though PPI may consist of or include general insurance instead of, or as well as, pure protection cover. This includes motor, pet, home and travel products, which tend not to be so problematic. Main changes in approach There are three main types of changes from the old rules. Additional requirements for the protection group are introduced. This brings the rulebook more closely into alignment with the high-level requirements in the European directives underlying ICOBS.

The simplification extends to sales to both retail and commercial customers of products in both groups. It contains high-level standards applicable to all products and all customers. They will only be supplemented by rules to the extent that those rules are required by the directives. There is some guidance on the high-level standards where the FSA thinks it is necessary to provide clarity and certainty for firms on their application.

There are additional detailed rules or guidance applying to protection products and PPI. The challenge for firms The FSA points out that principles-based regulation requires a higher degree of senior management involvement. The status disclosure rules and the requirement to produce a demands and needs statement are being brought more in line with the text of the Insurance Mediation Directive IMD. The remaining rules will apply to intermediaries only and not to insurers, although additional rules apply for insurers selling protection products.

The following rules are replaced with high-level standards. This will apply to both insurers and intermediaries selling all products on an advised basis. They also allow you to log in to personalised areas and to access third party tools that may be embedded in our website. Social Media cookies collect information about you sharing information from our website via social media tools, or analytics to understand your browsing between social media tools or our Social Media campaigns and our own websites.

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In line with its initial proposals, the rules which FSA proposes to apply to sales and administration activities will be determined by the identity of the customer and the product sold. The initial proposals have, however, been amended in two important ways.

Firstly, customers will be classified as either retail customers or commercial customers. Retail customers are individuals acting outside their trade or profession. Everyone else is a commercial customer. This is a more practical approach than under FSA's initial proposals where small businesses would have been classed as private retail customers. This would have required firms to look at the turnover of some of their customers to ascertain their categorisation.

The simplification does, however, have a number of consequences and FSA is proposing to introduce additional rules for all commercial customers which it considers to be necessary for the protection of small businesses. Secondly, FSA has dropped plans to treat critical illness, private medical and income protection policies as high risk products.

As a result, they will not be treated any differently to other non-investment insurance contracts. Long time care insurance will, however, be regulated as an investment product with additional conduct of business and consumer protection obligations.

The conduct of business rules will not apply to reinsurance contracts or contracts relating to large risks outside the EEA. Only the product disclosure rules and client money which was discussed in CP will apply to large risks situated in the EEA where the customer is a commercial customer. The rules will, however, apply to EEA large risks for retail customers. Insurers and intermediaries will be obliged to provide certain basic information about themselves to their customers.

FSA has, however, stepped back considerably from its initial proposals. The status disclosure requirements in CP meet the minimum requirements of the Insurance Mediation Directive the "IMD" with one addition: any fees which is broadly defined but which does not include commission for advising on or arranging insurance must be disclosed.

This additional requirement is aimed, in particular, at reducing instances of grossing up. Advice There will be no need for firms to explain whether or not a sale is advised on initial contact with a customer though this will need to be disclosed as part of the demands and needs statement — see below.

Initial disclosure documents There will be no prescribed initial disclosure document "IDD" , although FSA has included an IDD in its guidance so firms can make use of it as an easy means of complying with the rules. Timing The required information must now be provided before the conclusion of the contract and not on initial contact with the customer. Whole of market advice The concept of whole of market advice, which is the service an IFA currently provides on investment products, has been withdrawn as FSA accepts it is not generally possible to meet this standard for non-investment insurance sales.

Instead, when disclosing the range of insurance undertakings on which the firm has based its advice or information, the IMD formula of "a fair analysis" will be used. This is defined as advice based on an analysis of a sufficiently large number of insurance contracts available in the market that enables the firm to recommend, based on professional criteria, which contract will be adequate to meet the customer's needs.

This has been amended so that the obligation will be to provide "suitable" advice. FSA considers, however, that "suitable" and "adequate" are legally the same. Importantly, the obligation is still lower than that which applies to investment products, where the obligation is to recommend the "most suitable" product available.

One important change is that all firms giving advice to commercial customers other than on large risk or reinsurance will also be required to meet this standard of "suitable" advice. A statement of a customer's demands and needs must be provided before conclusion of the contract by:. FSA does not, however, consider this requirement to be too onerous and it suggests that the requirement can be met by using a tick box on an application form or by a simple sentence in a letter or the insurance certificate.

Further guidance is provided in the draft rules. The existing FSA rules applicable to investment business contain a number of basic training and competence requirements. These state that it is the responsibility of regulated firms to ensure that individuals are and remain competent for the work they do, that they are appropriately supervised, that their competence is regularly reviewed and that their level of competence is appropriate to the nature of the business.

These commitments will apply to all insurers and intermediaries. Additional, more prescriptive obligations will apply in respect of advised sales to retail customers. In this context, CP mainly confirms the proposals in CP There will not be prescriptive training and competence requirements over and above the basic commitments for those giving advice to commercial customers or for claims handling staff.

Prescribed information about the product sold to a customer must be provided. Disclosure is made up of a policy summary, price information, information required under European legislation, a policy document and information on how to make a claim. The precise timing of the disclosure will depend on the sales medium.

For example, in face to face sales, the policy summary, price information and, if practicable, information prescribed by European legislation, should be provided before conclusion of the contract, whereas the policy document and claims information may be provided after conclusion of the contract.

In an internet sale, however, the policy document and information on the claims handling must also be provided in good time before the contract is concluded. One significant change from CP is that policy documents no longer need to be provided in all circumstances before contract conclusion. This was considered to be too costly for some intermediaries. The disclosure obligations for sales to commercial customers are less prescriptive, although the CP proposals go beyond those set out in CP Firms must provide enough information, including information on fees and premium, for the commercial customer to make an informed decision before the contract is concluded.

The insurer must provide full policy terms and conditions promptly after conclusion of the contract to the intermediary and the intermediary must pass them promptly to the commercial customer, and the intermediary or insurer must tell the commercial customer whether or not renewal is being invited in good time before the cover ends. The commission disclosure proposals are similar to those in CP There will be no obligation to disclose commission to a retail customer.

Intermediaries must, however, disclose commission earned by them and any affiliated intermediaries to a commercial customer upon request. FSA is proposing a general rule which would prohibit unfair inducements that may conflict with a firm's duty to its customers. This could catch inducements made by insurers to intermediaries or inducements by intermediaries or insurers to their staff. There is no proposal to prohibit or restrict profit share arrangements or volume overrides provided they are not used in a way that results in customers being treated unfairly.

FSA appreciates, however, that there is a lack of certainty around their general proposal and it has invited suggestions as to how greater certainty may be introduced and whether there are any features of inducements which should be explicitly prohibited. There will also be a rule which prohibits excessive charges to retail customers. Its scope will, however, be limited as it will not apply to premiums or therefore to commissions paid out of premiums.

A significant change is proposed in relation to cancellation rights so that all retail customers will have the right to cancel a non-investment insurance policy no matter how the policy was concluded the previous proposal would have applied cancellation rights only to contracts concluded at a distance, for example, by telephone or over the internet.

Customers will have 14 days to cancel general insurance contracts and 30 days to cancel pure protection contracts mediation contracts themselves can also be cancelled within 14 days. The cancellation period starts from the day after the day on which the contract is concluded or, if later, the day after the day on which the customer receives the policy terms and other required information.

Insurers will be allowed to charge customers who cancel general insurance contracts for the costs they incur in relation to the service provided so long as the charge reflects costs and could not be seen as a penalty. These costs can include both the administrative costs associated with selling insurance and the costs for the cover provided. The proposed rules differ depending on whether the claim is made by a retail customer or a commercial customer.

This raises the question of who is the customer in a claim scenario.

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Find out more about www. Protected non-investment insurance distribution is an insurance distribution activity 7 where the investment concerned is a relevant general insurance contract or a pure protection contract but 3 which is not a long-term care insurance contract or a 3 reinsurance contract , provided that the conditions 4 in COMP 5.

COMP 5. However, COMP 5. Login Our site uses cookies to distinguish you from other users of our site. This helps us to provide you with a good experience when you browse our site and also allows us to improve our site. Strictly Necessary Cookies These cookies are necessary for the website to function and cannot be switched off in our systems.

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Previous Next. Latest Browse by topics Level 3 Materials. Show timeline. G Guidance. Legal Instruments. Add to favourites Print. View Options View Full Screen. View COMP 5. Non-investment insurance covers all general insurance. It also covers most life insurance that does not have an investment or surrender value, apart from long-term care insurance.

It came into force on 8 January Regulated firms that are complying with the old rulebook ICOB , however, will have until 8 July to comply with the new rules. The rules, which had come into force in January of that year, had been criticised for being too detailed and onerous compared to their continental counterparts. There was also market failure analysis to determine which insurance products presented the highest risk of consumer detriment in the absence of regulation.

The FSA considered that certain insurance products presented a real risk of consumer detriment, including payment protection insurance PPI and critical illness cover. PPI failures included:. The new rules distinguish between two groups of products. The FSA accepts that it is a complex product. It considers, however, that any relevant market failures have not been on a scale warranting imposition of the additional rules.

All term assurance is included in the protection group. The FSA points out that principles-based regulation requires a higher degree of senior management involvement. The challenge for management is to ensure that firms comply with the spirit of the principles rather than simply with the letter of the rules.

This means that firms will need:. The reduction in prescriptive regulation places more responsibility on firms to determine how to comply with high-level rules, such as those contained in The FSA Principles for Businesses. Significant parts of the rulebook have been simplified for example, the rules on commission disclosure to commercial customers contained in ICOBS 4.

Under the old ICOB this was a mandatory requirement. Policy summaries may indeed be inappropriate for some complex general insurance products such as private medical insurance. On the one hand, if all exclusions eg for specific medical conditions are set out in the summary it may result in a very long document.

On the other hand, the insurer may find it difficult to rely on exclusions that are not mentioned in the summary. The same comments sometimes apply to household insurance. Policy summaries will remain mandatory, however, for all protection products, including PPI.

There are other detailed requirements on product information for protection products set out in ICOBS 6. Equally important, however, in developing compliance policies for protection products, will be to follow:. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries lexology.

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Protected non-investment insurance mediation is an insurance mediation activity an activity that was non-investment insurance business. CIPR Non-investment insurance contracts — general requirements for retail business. Current PDF Version · Current Word Version. (1) Before an. (3) If an authorised firm acts for an insurer and not a customer in relation to a claim on a non-investment insurance contract that it arranged, the firm must instruct.