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

ICOB 1 Annex 1 Summary of the application of the chapters of ICOB

G

This annex belongs to ICOB 1.2.4 G and summarises the application of the various chapters of ICOB to firms that carry on insurance mediation activities. For the detailed application of each chapter, see the application rule at the start of that chapter.

Chapter

Who does the chapter apply to?

ICOB 2 (General rules, including unfair inducements)

(1)

ICOB 2 applies to:

(a) an insurer;

(b) an insurance intermediary;

(c) a managing agent.

(2)

ICOB 2.3, ICOB 2.4, ICOB 2.5, ICOB 2.6, ICOB 2.7 and ICOB 2.8 apply to a firm that communicates or approves a non-investment financial promotion.

ICOB 3 (Financial promotion)

ICOB 3 applies to every firm which communicates or approves a non-investment financial promotion.

ICOB 4 (Advising and selling standards)

(1)

ICOB 4 applies to an insurance intermediary.

(2)

ICOB 4.7 (Unsolicited services) applies to:

(a) an insurer;

(b) a managing agent.

ICOB 5 (Product disclosure)

ICOB 5 applies to:

(1)

an insurer;

(2)

an insurance intermediary other than when introducing;

(3)

a managing agent.

ICOB 6 (Cancellation)

ICOB 6 applies to:

(1)

an insurer;

(2)

a managing agent.

ICOB 7 (Claims handling)

(1)

ICOB 7, except for ICOB 7.6, applies to:

(a) an insurer;

(b) an insurance intermediary;

(c) a managing agent.

(2)

ICOB 7.6 applies in respect of motor vehicle liability insurance business to:

(a) a motor vehicle liability insurer;

(b) the Society.

ICOB 8 (Distance non-investment mediation contracts with retail customers)

ICOB 8 applies to an insurance intermediary.