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closed book

253(in ICOBS 6B and SUP 16.28) an individual home insurance or motor insurance product which meets the following criteria:

  1. (a) its policies may be renewed by existing customers, and
  2. (b) either:
    1. (i) its policies are not available for purchase by other customers; or
    2. (ii) (where the product has been on sale for 5 or more years) the firm has not sold, or does not expect to sell, on an annualised basis, more than 7.5% of active policies under the product to new business customers; or
    3. (iii) (where the product has been on sale for less than 5 years) the firm has not sold, or does not expect to sell, on an annualised basis, more than 15% of active policies under the product to new business customers.

A home insurance or motor insurance product is not in a closed book if the firm sells or expects to sell at least 10,000 policies on an annualised basis to new business customers.