ICOBS TP 1 Transitional Provisions

Fifth Motor Insurance Directive

1

R

In relation to a claim by an injured party received by a motor vehicle liability insurer or its claims representative on or before 10 June 2007, the motor vehicle liability claims handling rules (see ICOBS 8.2.6 R to ICOBS 8.2.11 G) only apply if the claim results from an accident occurring in an EEA State other than the injured party's EEA State of residence which was caused by the use of a vehicle insured through an establishment in, and normally based in, an EEA State other than the injured party's EEA State of residence.

Initial disclosure document

2

R

A firm may use the Key facts logo on a document that meets the requirements for an initial disclosure document except that it includes the sentence "It requires us to give you this document" in section 1 of the document. This rule applies until 5 January 2009.

Sourcebook implementation period

3

R

A firm need not comply with any provision of this sourcebook to the extent that it complies with the corresponding provision of ICOB (if any) as it applied on 5 January 2008. This rule applies until 5 July 2008.

4

G

Firms should consider what kind of records should be made of their reliance on the sourcebook implementation period transitional provision, in particular where they rely on the transitional provision for only some of their insurance mediation activities, or the extent of reliance changes during the implementation period.

Pure protection contracts: record of election

5

R

A firm is not required to make, and retain a record of, an election to comply with the Conduct of Business sourcebook (see ICOBS 1 Annex 1 G, Part 2, 3.1R(3)). This rule applies until 5 June 2008.