If a firm provides elements of status disclosure information orally as part of an interactive dialogue, it should do so for all elements of the information. In the case of telephone selling, the information may be given in accordance with the distance marketing disclosure rules (see ICOBS 3.1.14 R).
In a sale that does not involve a personal recommendation, a firm must take reasonable steps to ensure a customer understands he is responsible for deciding whether a policy meets his demands and needs.
If a firm anticipates providing, or provides, information on any main characteristic of a policy orally during a non-advised sale, taking reasonable steps includes explaining the customer's responsibility orally.
A policy's main characteristics include its significant benefits, its significant exclusions and limitations, its duration and price information.
If this is done orally, the disclosure must be provided in writing or any other durable medium no later than immediately after the conclusion of the contract.
Insurers cannot carry on an insurance mediation activity in respect of a third party’s products unless they can show a natural fit or necessary connection between their insurance business and the third party’s products (see the restriction of business in INSPRU 1.5.13 R and rule 9 of the PRA Rulebook: Solvency II firms: Conditions Governing Business1).