ICOB 6.2 Cancellation rights and period

1. (1)

   Where ICOB 6.2.5 R(3) applies, an insurer is entitled to assume that documents have been received in accordance with generally accepted principles of law. That is:

   1. (a)

      that provided the document is sent to the correct address or number, documents posted first class on business day 1 are received on business day 2;

   2. (b)

      that a fax is received when sent, if an appropriate transmission report is generated by the transmitter's machine; and

   3. (c)

      that an e-mail is received when sent.

2. (2)

   The general assumptions in ICOB 6.2.6 G(1) can be contradicted by a retail customer. In such cases the burden would be on the retail customer to show that the evidence on which the insurer was relying was not correct. If the retail customer could show this then unless the insurer itself had information to suggest that this was not the case, the insurer should generally accept the retail customer's evidence.

The provisions in ICOB 6.2.5 R(3), under which time may run from the day on which the retail customer receives the contractual terms and conditions and information in accordance with ICOB 5.3.4 R, ICOB 5.3.6 R(1) or ICOB 5.3.8 R, as applicable, would cover situations where:

1. (1)

   the contract has been concluded by a means of distance communication by which the contractual information could not reasonably have been provided prior to the conclusion of the contract in a durable medium (for example, by telephone) and is therefore provided subsequently; or

2. (2)

   the contract is not a distance contract and the retail customerhas not received the contractual terms and conditions in a durable medium before the conclusion of the contract.