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Status: You are viewing the version of the handbook as on 2005-06-30.

ICOB 1.1 Application and purpose

Application

ICOB 1.1.1G

ICOB appliesto every firm as specified in the remainder of this chapter.

Purpose

ICOB 1.1.2G
  1. (1)

    The purpose of this chapter is to set out to whom, for what activities, and within what territorial limits the rules, evidential provisions and guidance in ICOB apply. The purpose of other chapters in ICOB is set out at the beginning of each chapter.

  2. (2)

    ICOB implements, in part, provisions contained in a number of EC directives:

    1. (a)

      the Insurance Mediation Directive, in respect of non-investment insurance contracts;

    2. (b)

      the Distance Marketing Directive, in respect of non-investment insurance contracts and distance non-investment mediation contracts;

    3. (c)

      the Consolidated Life Directive, in respect of cancellation rights and information requirements relating to non-investment insurance contracts which are pure protection contracts;

    4. (d)

      the Third Non-Life Directive, in respect of information requirements relating to general insurance contracts; and

    5. (e)

      the Fourth Motor Insurance Directive, in respect of claims made by an EEA resident arising from a motor accident in the EEA but outside his country of residence.

  3. (3)

    This chapter also provides guidance on the application of other parts of the Handbook to an insurance intermediary that carries on insurance mediation activities to which ICOB applies.