GIGI 3
Insurance:
Conduct of Business sourcebook (ICOB)
GIGI 3.1
Introduction
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What does ICOB cover?
GIGI 3.1.1
See Notes
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GIGI 3.1.2
See Notes
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GIGI 3.1.3
See Notes
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GIGI 3.1.4
See Notes
Chapter | Title | Does it apply to you? | What does it include? |
ICOB 1 | Application and purpose | Yes | •Sets
out the scope of ICOB,
including to which firms the rules apply, to what activities
and where the rules apply •A summary of which parts of the ICOB rules apply to firms •Guidance on other parts of the Handbook |
ICOB 2 | General rules including unfair inducements | Yes | •General
requirements that apply throughout ICOB •Communications to customers must be clear, fair and not misleading •Rules on inducements |
ICOB 3 | Financial promotion | Yes | •Requirement
for financial promotions to be clear, fair and not misleading •Rules on comparative advertising •Rules on the approval of promotions |
ICOB 4 | Advising and selling standards | Yes | •Information
on the status of the firm •Suitability of advice •Provision of a demands and needs statement •Prohibition on excessive charges for retail customers •Provision of commission information for commercial customers •Restrictions on unsolicited services (including tacit renewals) |
ICOB 5 | Product disclosure | Yes - partially | •Responsibilities
of insurance companies and intermediaries •Content of product information and when it must be provided |
ICOB 6 | Cancellation | No - although the rules will be of interest to insurance intermediaries (see paragraph 3.5.2) | •Cancellation rights for retail customers in relation to non-investment insurance contracts |
ICOB 7 | Claims handling | Yes - partially | •Obligations
on insurance companies •Obligations on intermediaries to act with due care, skill and diligence and to avoid conflicts of interest |
ICOB 8 | Distance non-investment mediation contracts | Yes - if you arrange these contracts | •Information
to be given to customers •Restrictions on unsolicited services (including tacit renewals) •Cancellation requirements |
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What activities does ICOB apply to?
GIGI 3.1.5
See Notes
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Which customers does ICOB apply to?
GIGI 3.1.6
See Notes
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GIGI 3.1.7
See Notes
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How does ICOB apply to group policies?
GIGI 3.1.8
See Notes
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General requirements
GIGI 3.1.9
See Notes
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Key Facts logo
GIGI 3.1.10
See Notes
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GIGI 3.2
Financial promotion (ICOB 3)
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Introduction
GIGI 3.2.1
See Notes
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What is the scope of the financial promotion rules?
GIGI 3.2.2
See Notes
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GIGI 3.2.3
See Notes
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What rules apply to regulated non-investment financial promotions?
GIGI 3.2.4
See Notes
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What rules apply to regulated non-investment financial promotions?
GIGI 3.2.5
See Notes
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GIGI 3.3
Advising and Selling Standards (ICOB 4)
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Introduction
GIGI 3.3.1
See Notes
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What information do you need to give customers about your firm and the services you provide?
GIGI 3.3.2
See Notes
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When do you have to give this information?
GIGI 3.3.3
See Notes
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GIGI 3.3.4
See Notes
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GIGI 3.3.5
See Notes
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GIGI 3.3.6
See Notes
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Do you have to use the template documents in the rules when giving information about your status?
GIGI 3.3.7
See Notes
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GIGI 3.3.8
See Notes
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GIGI 3.3.9
See Notes
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GIGI 3.3.10
See Notes
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GIGI 3.3.11
See Notes
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What do you have to disclose about your firm when you are only introducing?
GIGI 3.3.12
See Notes
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When can you tell the customer that you are providing a service on a fair analysis basis?
GIGI 3.3.13
See Notes
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What information do you have to give on fees?
GIGI 3.3.14
See Notes
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What are the requirements for advised sales?
GIGI 3.3.15
See Notes
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GIGI 3.3.16
See Notes
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GIGI 3.3.17
See Notes
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GIGI 3.3.18
See Notes
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What is the statement of demands and needs and when do you have to give it to the customer?
GIGI 3.3.19
See Notes
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GIGI 3.3.20
See Notes
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GIGI 3.3.21
See Notes
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GIGI 3.3.22
See Notes
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Do you need to keep records of the advice you give?
GIGI 3.3.23
See Notes
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What do the rules say on excessive charges and when do they apply?
GIGI 3.3.24
See Notes
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Do you need to disclose the commission you receive?
GIGI 3.3.25
See Notes
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GIGI 3.3.26
See Notes
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GIGI 3.3.27
See Notes
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What do the rules on unsolicited services mean?
GIGI 3.3.28
See Notes
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GIGI 3.3.29
See Notes
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GIGI 3.4
Product disclosure (ICOB 5)
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Introduction
GIGI 3.4.1
See Notes
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GIGI 3.4.2
See Notes
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What are the responsibilities of insurance companies and intermediaries?
GIGI 3.4.3
See Notes
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GIGI 3.4.4
See Notes
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What information do you have to give retail customers when selling insurance?
GIGI 3.4.5
See Notes
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GIGI 3.4.6
See Notes
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GIGI 3.4.7
See Notes
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What information do you have to give a retail customer on renewal of his policy?
GIGI 3.4.8
See Notes
This information has to be given to the customer 21 days before his policy expires, or you must tell the customer 21 days before expiry that you no longer deal with the insurance company or it is not willing to renew. Examples of situations when you could assume the customer would not want to renew are short term travel policies and creditor insurance tied to a loan, where the insurance ends at the same time as the loan. The rules on renewals for retail customers are covered in ICOB 5.3.15 R to ICOB 5.3.23 G.
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What do you have to do if there is a mid-term change?
GIGI 3.4.9
See Notes
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What information do you have to give commercial customers when selling insurance?
GIGI 3.4.10
See Notes
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GIGI 3.4.11
See Notes
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GIGI 3.4.12
See Notes
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What happens with group policies sold to commercial customers?
GIGI 3.4.13
See Notes
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What do you have to do when renewing a commercial customer's policy?
GIGI 3.4.14
See Notes
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What does the policy summary have to contain and who do you have to give it to?
GIGI 3.4.15
See Notes
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GIGI 3.4.16
See Notes
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What directive information do you have to give to retail and commercial customers?
GIGI 3.4.17
See Notes
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What does the policy document consist of?
GIGI 3.4.18
See Notes
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GIGI 3.4.19
See Notes
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GIGI 3.4.20
See Notes
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GIGI 3.5
Cancellation (ICOB 6)
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Introduction
GIGI 3.5.1
See Notes
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GIGI 3.5.2
See Notes
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Which contracts do cancellation rights apply to?
GIGI 3.5.3
See Notes
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What must you tell the customer about cancellation?
GIGI 3.5.4
See Notes
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How long does the customer have to cancel the contract?
GIGI 3.5.5
See Notes
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GIGI 3.5.6
See Notes
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What happens to attached insurance contracts when the financial services contracts to which they are attached are cancelled?
GIGI 3.5.7
See Notes
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Can an insurance company make a charge for contracts that are cancelled?
GIGI 3.5.8
See Notes
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GIGI 3.5.9
See Notes
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GIGI 3.5.10
See Notes
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Can an intermediary charge for its selling costs if the contract is cancelled?
GIGI 3.5.11
See Notes
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GIGI 3.5.12
See Notes
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GIGI 3.6
Claims handling (ICOB 7)
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GIGI 3.6.1
See Notes
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What are an intermediary's obligations in relation to a claim?
GIGI 3.6.2
See Notes
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GIGI 3.6.3
See Notes
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GIGI 3.6.4
See Notes
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GIGI 3.6.5
See Notes
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Information for commercial customers
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