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  • tenure

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    tenure

    100 the number of years a customer has held their policy , including any renewal . For the purposes of this definition, renewal has the same meaning as in ICOBS 6B .

  • gross incurred claims ratio

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    gross incurred claims ratio

    75 the proportion of the premiums (gross of reinsurance ) earned, that is paid out as claims (gross of reinsurance ).

  • mandatory additional product

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    mandatory additional product

    147 a good, service or right of any description, whether or not financial in nature, that a customer is required to obtain in connection with or alongside a non-investment insurance contract .

  • affinity/partnership scheme

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    affinity/partnership scheme

    165 where a firm forms a scheme with another business (usually a brand whose main business is not insurance) to distribute home insurance or motor insurance products to consumers under the partner’s b…

  • retail premium finance

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    retail premium finance

    206 a credit agreement (whether a regulated credit agreement or not) entered into with a view to its use, by a customer who is a consumer , to finance all or part of the premium for a non-investment i…

  • renewal price

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    renewal price

    206 the premium offered by a firm to renew a home insurance or motor insurance policy . This includes where more than one policy is sold together as part of a package.

  • equivalent new business price

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    equivalent new business price

    150 the price a firm would offer to a customer to purchase a particular policy if the customer were a new business customer .

  • motor insurance

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    motor insurance

    147 (in ICOBS 6B and SUP 16.28 ) a contract of insurance within the motor vehicle liability or land vehicle class, where the contract of insurance was purchased by a consumer .

  • non-investment insurance product

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    non-investment insurance product

    87 an insurance product sold or underwritten as individual non-investment insurance contracts . [Note: PROD 1.4.2G indicates that an insurance product may be read as being a reference to the product f…

  • optional additional product

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    optional additional product

    103 (in ICOBS and PROD 4 ) a good, service or right of any description, whether or not financial in nature, that a customer may obtain (or not, as the case may be) at their election in connection with…

  • ICOBS 6B.1 Application and purpose

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    ICOBS 6B.1 Application and purpose

  • channel

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    channel

    253 (in ICOBS 6B and SUP 16.28 ) the distribution method through which the customer purchases a policy . Examples of channels include: (a) direct sales where the customer and insurer communicate direc…

  • closed book

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    closed book

    253 (in ICOBS 6B and SUP 16.28 ) an individual home insurance or motor insurance product which meets the following criteria: (a) its policies may be renewed by existing customers , and (b) either: (i)…

  • legacy non-investment insurance product

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    legacy non-investment insurance product

    86 (in PROD ) a non-investment insurance product : (1) that was manufactured prior to, but not significantly adapted on or after, 1 October 2018; and (2) is either: (a) still being marketed or is avai…

  • ICOBS 6A.6 Cancellation of automatic renewal

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    ICOBS 6A.6 Cancellation of automatic renewal

  • SUP 16 Annex 49B Notes on completing the pricing information report form (REP 021)

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    SUP 16 Annex 49B Notes on completing the pricing information report form (REP 021)

  • ICOBS 6B.2 Setting renewal prices

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    ICOBS 6B.2 Setting renewal prices

  • PROD 4.6 Application of PROD 4.2 and 4.3 for legacy non-investment insurance products

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    PROD 4.6 Application of PROD 4.2 and 4.3 for legacy non-investment insurance products

  • ICOBS 6A.5 Retail premium finance: disclosure and remuneration

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st January 2022

    ICOBS 6A.5 Retail premium finance: disclosure and remuneration

  • ICOBS 6A.5 Retail premium finance: disclosure and remuneration

    This piece of Handbook content was changed by an instrument this month.

    Effective Date: 1st October 2021

    ICOBS 6A.5 Retail premium finance: disclosure and remuneration