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    2024-04-02

ICOBS 6.3 Pre- and post-contract information: pure protection contracts

Solvency II Directive derived disclosure requirements1

ICOBS 6.3.1RRP
  1. (1)

    Before a pure protection contract is concluded, a firm must communicate, at least,1 the information in the table below to the customer.1

    1
  2. (2)

    The information must be provided in a clear and accurate manner, in writing, and in an official language of the State of the commitment or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the applicable law.1

    1

    3. Information to be communicated before conclusion

    (1)

    The name of the insurance undertaking and its legal form.

    (2)

    The name of the state2 in which the head office and, where appropriate, the agency or branch1 concluding the contract is situated.

    1

    (3)

    The address of the head office and, where appropriate, of the agency or branch concluding the contract.

    1(3a)

    A concrete reference to the firm's SFCR allowing the policyholder easy access to this information.

    (4)*

    Definition of each benefit and each option.

    (5)*

    Term of the contract.

    (6)*

    Means of terminating the contract.

    (7)*

    Means of payment of premiums and duration of payments.

    (8)*

    Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate.

    (9)*1

    Arrangements for application of the cancellation period.

    (10)

    General information on the tax arrangements applicable to the type of policy.

    (11)

    The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries1 under contracts including, where appropriate, the existence of a complaints body (usually the Financial Ombudsman Service), without prejudice to the right to take legal proceedings.

    1

    (12)

    The law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the firm1 proposes to choose.

    1

    Note: The rule on mid-term changes applies to items marked with an asterisk (see ICOBS 6.3.3 R).

[Note: article 185 of the Solvency II Directive1]

1
ICOBS 6.3.2GRP

If the contract is concluded with a commercial customer by telephone, the information in this section may be provided immediately after conclusion.

Mid-term changes

ICOBS 6.3.3RRP

A firm must keep a customer informed throughout the term of a pure protection contract of any change concerning1 the policy conditions, both general and special, and any change in the following information:1

11
  1. (1)

    the name of thefirm,1 its legal form or the address of its head office and, where appropriate, of the agency or branch1 which concluded the contract; and

    111
  2. (2)

    all the information marked ‘*’ in the table of information to be communicated before conclusion, in the event of a change in the policy conditions or amendment of the law applicable to the contract.

[Note: article 185(3) and (5) of the Solvency II Directive1]

1
ICOBS 6.3.4RRP

1When a firm provides a customer with information in accordance with ICOBS 6.3.3 R, it must provide it in a clear and accurate manner, in writing, in an official language of the State of the commitment, or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the law applicable.

[Note: article 185(3), (5) and (6) of the Solvency II Directive]