1
|
Third party processors
|
1.1
|
R
|
(1)
|
This rule applies where a firm (or its appointed representative) ("A") has outsourced insurance distribution activities7 to a third party processor.
|
|
|
(2)
|
Any rule in this sourcebook which requires the third party processor, when acting as such, to disclose its identity to a customer must be read as applying to the third party processor only to the extent that it applies to A and as requiring disclosure of A’s identity.
|
71.2
|
G
|
(1)
|
The disclosure required of the third party processor under ICOBS 4.3.-7R can be made without having to disclose the identity of the third party processor to the customer and therefore without breaching paragraph 1.1R(2) above.
|
2
|
Managing agents
|
2.1
|
R
|
(1)
|
References to an insurer7(including within the reference to insurance distributor) apply equally to a managing agent unless the context requires otherwise.
|
|
|
(2)
|
A managing agent must give effect to the policy that a consumer must, where required by this sourcebook, be offered cancellation rights.
|
|
|
(3)
|
References to managing agents in this sourcebook relate to their functions in managing the obligations of a member in his capacity as such.
|
3
|
Authorised professional firms
|
3.1
|
R
|
This sourcebook (except for ICOBS 4.6) does not apply to an authorisedprofessional firm with respect to its non-mainstream regulated activities except for:
|
|
|
(1)
|
the provisions on communications to clients and financial promotions (see ICOBS 2.2);
|
|
|
(2)
|
the e-commerce provisions (ICOBS 3.2);
|
|
|
(3)
|
general information7 disclosure requirements in relation to complaints procedures (see ICOBS 4.1); and
|
|
|
(4)
|
the UK provisions which implemented8 articles 1(4), 17, 18, 19, 20, 23, and 24 of the IDD7 (see ICOBS 2.2.2R (communication to customers and financial promotions), ICOBS 2.2.2AR (marketing communications), ICOBS 2.5.-1R (the customer’s best interests rule), ICOBS 2.6 (Distribution of connected contracts through exempt persons), ICOBS 4.1 (Information about the firm, its services and remuneration), ICOBS 4.1A (Means of communicating to customers), ICOBS 4.3 (remuneration disclosure), ICOBS 5.2 (Demands and needs), ICOBS 5.3.3R (Advice on the basis of a fair analysis), ICOBS 5.3.4R (Personalised explanation), ICOBS 6A.1.4R (Ensuring the customer can make an informed decision) and ICOBS 6A.3 (Cross-selling7)), except to the extent that the firm is subject to equivalent rules of its designated professional body approved by the FCA.
|
3.2
|
G
|
Compliance with the UK provisions which implemented8 the Distance Marketing Directive is dealt with in the Professional Firms sourcebook (see PROF 5.4).
|
4
|
Appointed representatives
|
4.1
|
R
|
(1)
|
An insurer must ensure that its appointed representative complies with this sourcebook as it applies to an insurance intermediary.
|
|
|
(2)
|
However, if the appointed representative is acting as the insurer'sthird party processor then:
|
|
|
|
(a)
|
this rule is subject to the third party processorsrule (see paragraph 1.1R); and
|
|
|
|
(b)
|
the insurer is not required to ensure that the appointed representative complies with the rules in this sourcebook on commission disclosure (see ICOBS 4.4)7.
|
4.2
|
G
|
The cancellation requirements in chapter 7 do not apply to a distance contract entered into by an appointed representative to provide distribution7 services. Regulations 9 (Right to cancel) to 13 (Payment for services provided before cancellation) of the Distance Marketing Regulations apply instead.
|
5
|
Service companies
|
5.1
|
R
|
This sourcebook does not apply to a service company, except for the provisions on communications to clients and financial promotions (see ICOBS 2.2).
|
6
|
Lloyd’s
|
8
|
|
8This sourcebook does not apply to the Society.
|
117
|
Gibraltar-based firms and TP firms
|
117.1
|
R
|
(1)
|
In addition to the general application rule in ICOBS 1.1.1R, the provisions in (2) also apply to:
|
|
|
|
11(a)
|
TP firms and Gibraltar-based firms which carry on business from an establishment in the United Kingdom; or
|
|
|
|
11(b)
|
(i)
|
TP firms and Gibraltar-based firms that provide services from an establishment outside the United Kingdom; or
|
|
|
|
|
11(ii)
|
firms operating from an establishment overseas; and
|
|
|
|
|
11with a customer in the United Kingdom.
|
|
|
11(2)
|
The provisions specified for the purposes of (1) are:
|
|
|
|
11(a)
|
ICOBS 6.1.7-AG
, ICOBS 6.5.1AG and ICOBS 6A.4 (Travel insurance and medical conditions) (except for TP firms or Gibraltar-based firms in (1)(b)(i) where the state of the risk is an EEA State or Gibraltar, and to the extent that the EEA State in question or Gibraltar imposes measures of like effect); and
|
|
|
|
11(b)
|
ICOBS 6A.5
(Retail premium finance: disclosure and remuneration).
|
|
|
|
11(c)
|
ICOBS 5.1.3CR(1A)
, ICOBS 6.2.6R, 12ICOBS 6.2.7G, ICOBS 6.5.1R(3)(d) and ICOBS 6A.6 (Cancellation of automatic renewal); 12
|
|
|
|
11(d)
|
ICOBS 6B
(Home and motor insurance pricing); and12
|
|
|
|
12(e)
|
ICOBS 6A.7
(Disclosure requirements for multi-occupancy buildings insurance).
|