Latest News, Updates and Changes
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
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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
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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)
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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
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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
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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
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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
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