ICOBS TP 1 Transitional Provisions

Consolidated Motor Insurance Directive3

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 2009.2

3

Expired2

4

Expired22

5

Expired2

Series of events

16

R

If, for a connected travel insurance intermediary, the application of any provision in this sourcebook is dependent on the occurrence of a series of events, the provision applies with respect to the events that occur on or after 1 January 2009.4

4Employers' liability insurance: disclosure by insurers

47

R

For the purposes of ICOBS 8.4.6 R a firm falling within ICOBS 8.4.1R (2) at 6 March 2011 must ensure that the notification is:

(1)

valid as at a date no earlier than 6 March 2011; and,

(2)

submitted to the FSA no later than 6 April 2011.

48

R

(1)

For the purposes of ICOBS 8.4.4R (1)(a), ICOBS 8.4.4R (2)(b)(ii) and ICOBS 8 Annex 1, and subject to TP 13:

(a)

a firm is not required to include information required by ICOBS 8 Annex 1.1.1 R (1) in relation to policies entered into or renewed before 1 April 2012 unless the firm holds that information;

(b)

a firm must make available in accordance with ICOBS 8.4.7 R the information required by ICOBS 8 Annex 1.1.1 R (1) and (2) no later than three months from the date of entry, renewal or making of the claim;

(c)

a firm is not required to comply with ICOBS 8 Annex 1 Part 2 before 1 April 2011; and

(d)

notwithstanding (a), a firm is not required to include information relating to either the HMRC Employer Reference Number or to all other employers, other than the principal employer policyholder, covered by the policy, in relation to policies entered into, renewed or claims made before 1 April 2012.

(2)

For the purposes of ICOBS 8.4.4R (3)(a) a firm required to produce an employers' liability register under ICOBS 8.4.4R (1)(a) must obtain a director's certificate and an independent assurance report:

(b)

by 1 July2012.

TP 8R(1) applies until 1 April 2012 and TP 8R(2) applies until 1 July2012.

49

G

The effect of TP 8R(1) and ICOBS 8 Annex 1.1.1 R is that from 1 April 2011 until 1 April 2012, a firm is required to include in its employers' liability register the information required by the form in ICOBS 8 Annex 1.1.2 R relating to policies entered into, renewed or in respect of which a claim is made (subject to TP 13 below), but only to the extent that the firm has that information (with the exception of the HMRC Employer Reference Number and information relating to all employers covered by the policy, other than the principal employer policyholder, where information is only required in relation to policies entered into, renewed or claims made on or after 1 April 2012). The firm has a maximum of three months to make the information available from the date of entry, renewal or making of claim (subject to TP 13 below). From 1 April 2012 firms will need to include all the information in the form in ICOBS 8 Annex 1.1.2 R for policies entered or renewed on or after that date. Firms will continue to be required to include only information that the firm holds for policies in relation to which a claim is made (subject to TP 13 below) on or after 1 April 2012 (unless those policies were also entered into or renewed by the firm on or after 1 April 2012).

410

R

For the purposes of ICOBS 8.4.4R (2)(a), for a firm required to produce an employers' liability register under ICOBS 8.4.4R (1)(a) from 1 April 2011, the date of the initial version of the register must be 1 April 2011.

This rule applies until 1 April 2012.

411

E

For the purposes of ICOBS 8.4.8 E, a public statement by a tracing office, approved by the directors of the tracing office, stating that the tracing office complies in all material respects with the requirements in ICOBS 8.4.9R (1) to (6) may be relied upon as tending to establish that a firm has satisfied the requirements to use a tracing office satisfying the conditions in ICOBS 8.4.9R (1) to (6).

This rule applies until 1 April 2012.

412

R

For the purposes of the condition referred to in ICOBS 8.4.9R (7), until a tracing office publishes its first annual report, the condition will be satisfied if the tracing office has issued a public statement, approved by the directors of the tracing office, stating that the tracing office complies in all material respects with the requirements in ICOBS 8.4.9R (1) to (6).

413

R

For the purposes of ICOBS 8.4.11R (2)(a), ICOBS 8.4.11R (2)(b), ICOBS 8 Annex 1, TP 8 and TP 9, in relation to references to claims made in relation to policies:

(1)

for claims received by a firm prior to 1 April 2011 which have not been settled as at 1 April 2011, those claims must be treated, for the purposes of the above rules, as having been made on or after 1 April 2011, and for the purposes of the above rules, the firm must include information in the form in ICOBS 8 Annex 1.1.2 R, in accordance with and including the notes, held by the firm (with the exception of information within TP 8R(1)(d) until 1 April 2012) within three months of the date upon which the claim was settled, on or after 1 April 2011; and

(2)

if, as at 1 April 2011, a firm's systems records claims by reference to the date the claim was created in the firm's systems or the date upon which it was settled, then that firm may treat references to the date that a claim was made as a reference to the date that the claim was created in the firm's systems, or if applicable to the firm, the date that the claim was settled.

TP 13R(2) applies until 1 April 2012.