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  1. Point in time
    2007-09-28

ICOB 5.7 Record keeping

ICOB 5.7.1R

An insurer, or an insurance intermediary where an insurance undertaking does not operate from an establishment in the United Kingdom, must retain for a minimum period of three years after the information has been provided to the customer:

  1. (1)

    a policy summary; and

  2. (2)

    a policy document;

in relation to each non-investment insurance contract concluded.

ICOB 5.7.2G

If the policy summary and policy document are generic documents that are not specific to the customer, an insurer or an insurance intermediary can keep one copy of each document that it produces, but must retain a copy of any schedule for each customer that forms part of the policy document if the schedule is customer specific.

ICOB 5.7.3G

ICOB 2.8.6 G notes that a firm should consider keeping records for longer than three years in case customers complain or take legal action against the firm. An insurer or an insurance intermediary should in particular consider what constitutes an appropriate retention period for records which relate to non-investment insurance contracts which may give rise to claims some time after the inception of the contract (e.g. employers' liability insurance).