ICOB 5.5 Information form and content

(1)

a statement that the policy summary does not contain the full terms and conditions of the non-investment insurance contract, which can be found in the policy document;

(2)

name of the insurance undertaking;

(3)

type of insurance and cover;

(4)

significant features and benefits;

(5)

significant and unusual exclusions or limitations;

(6)

cross-references from (5) to the related sections of the policy document;

(7)

the duration of the non-investment insurance contract;

(8)

(for policies of more than one year), a statement, where relevant, that the retail customer may need to review and update his cover periodically to ensure it remains adequate;

(9)

the existence or absence of the right of cancellation and, where applicable, the duration of the cancellation period;

(10)

a telephone number or address to which a claim may be notified;

(11)

how to complain to the insurance undertaking and that complaints may subsequently be referred to the Financial Ombudsman Service or any other applicable named complaints scheme;

(12)

that, should the insurance undertaking be unable to meet its liabilities, the retail customer may be entitled to compensation from the compensation scheme, or from any other applicable named compensation scheme, or that there is no compensation scheme; and1

(13)

the key facts logo.

For general insurance contracts (Third Non-Life Directive) other than certain¹distance contracts with retail customers:

(1)

if the insurance undertaking is an EEA firm:

(a)

the insurance undertaking's Home State and, where appropriate, the EEA State of the branch through which the non-investment insurance contract is to be concluded²; and

(b)

the address of the insurance undertaking's head office (and branch, if appropriate)²;

(2)

if the policyholder is a natural person, the law applicable to the general insurance contract where the parties do not have a free choice, or the fact that the parties are free to choose the law applicable and, in the latter case, the law the insurance undertaking proposes to choose; and

(3)

if the policyholder is a natural person, the arrangements for handling policyholder's complaints concerning general insurance contracts including, where appropriate, the existence of a complaints body, without prejudice to the policyholder's right to take legal proceedings.

Note 1: The information at (1) to (3) need not be provided for distance contracts where information is provided under the Distance Marketing Directive.

Note 2: The information in (1) must be stated in the policy document and any other document granting cover.

For non-investment insurance contracts that are pure protection contracts(Consolidated Life Directive)³ other than certain ⁴ distance contracts with retail customers:

(4)

the name and legal form of the insurance undertaking;

(5)

the name of the EEA State in which the head office of the insurance undertaking and, where appropriate, the agency or branch concluding the non-investment insurance contract is situated;

(6)

the address of the insurance undertaking's head office and, where appropriate, of the agency or branch concluding the non-investment insurance contract;

(7)

the definition of each benefit and each option;

(8)

the term of the non-investment insurance contract;

(9)

the means of terminating the non-investment insurance contract;

(10)

the means of payment of premiums and duration of payments;

(11)

information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate;

(12)

information about cancellation in accordance with ICOB 5.3.21 R;

(13)

general information on the tax arrangements applicable to the type of non-investment insurance contract;

(14)

the arrangements for handling complaints concerning non-investment insurance contracts by policyholders, lives assured or beneficiaries underpolicies, including, where appropriate, the existence of a complaints body, making clear that its existence is without prejudice to the right to take legal proceedings; and

(15)

the law applicable to the non-investment insurance contract where the parties do not have a free choice or, if the parties are free to choose the law applicable, the law the insurance undertaking proposes to choose.

Note 3: The directive-required information at (4) to (15) must be in English unless the customerrequests it to be, and the insurance undertaking agrees to it being, in another language.

Note 4: The information at (4) to (15) need not be provided for distance contracts where information is provided under the Distance Marketing Directive or equivalent legal requirement.

For non-investment insurance contracts with retail customers concluded by a means of distance communication, other than by telephone (Distance Marketing Directive):

(16)

the insurance undertaking

(a)

the name, main business of the insurance undertaking, and the geographical address of the insurance undertaking's head office and branch, where appropriate;

(b)

the trade register in which the insurance undertaking's is entered and its registration number or an equivalent means of identification in that register;

(c)

where the insurance undertaking activity is subject to an authorisation scheme, the particulars of the relevant supervisory authority;

(17)

the financial service

(a)

a description of the main characteristics of the non-investment insurance contract;

(b)

the total price to be paid by the retail customer to the insurance intermediary for the non-investment insurance contract, including all related fees, charges and expenses and all taxes paid via the insurance intermediary or, when an exact price cannot be indicated, the basis for the calculation of the price enabling the retail customer to verify it;

(c)

notice of the possibility that other taxes and/or costs may exist that are not paid via the insurance intermediary or imposed by him;

(d)

any limitations of the period for which the information provided is valid;

(e)

the arrangements for payment and for performance of the non-investment insurance contract;

(f)

any specific additional cost for theretail customer of using the means of distance communication;

(18)

the distance contract

(a)

information about cancellation in accordance with ICOB 5.3.12 R;

(b)

information on any rights the insurance undertaking or the retail customer may have to terminate the non-investment insurance contract early or unilaterally, including any penalties imposed by the non-investment insurance contract in such cases;

(c)

the EEA State or States whose laws are taken by the insurance undertaking as a basis for the establishment of relations with the retail customer prior to the conclusion of the distance contract;

(d)

any contractual clause on law applicable to the policy or on competent court or both;

(e)

in which language, or languages, the contractual terms and conditions, and the prior information referred to in these rules are supplied, and furthermore in which language, or languages, the insurance undertaking, with the agreement of the retail customer, undertakes to communicate during the duration of the policy;

(19)

redress

(a)

whether or not there is an out-of-court complaint redress mechanism for the retail customer and, if so, the methods for having access to it; and

(b)

the existence of guarantee funds or other compensation arrangements.

For non-investment insurance contracts concluded by telephone with a retail customer who has agreed to limited information being provided before conclusion of the contract (Distance Marketing Directive):

(20)

before conclusion of the contract: the information specified in ICOB 5.3.6 R (2)(a) other than ICOB 5.3.6 R (2)(a)(viii); and

(21)

immediately after conclusion of the contract: the information referred to in sub-paragraphs (16) to (19) of this table.

Provisions applying during non-investment insurance contracts that are pure protection contracts:

(22)

any change to the information in sub-paragraphs (4) to (11) of this table.