The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
On 6 January 2008, the Financial Conduct Authority's (FCA) predecessor, the Financial Services Authority (FSA) brought into force the ICOBS Insurance: Conduct of Business sourcebook (ICOBS), which replaced Insurance: Conduct of Business Sourcebook (ICOB). The principal change introduced by ICOBS was to move away from a prescriptive rule-based way of supervising firms to more principles-based or outcome-focused methodology. This meant that pre-existing rules in ICOB were simplified where the FSA felt that specific customer protection was not required.
ICOBS 1 sets out the general application rule. The ICOBS applies to insurers carrying on non-investment insurance and appointed representatives in the UK in relation to:
insurance mediation activity
effecting and carrying out contracts of insurance
managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's
communicating or approving a financial promotion; and activities connected with them
Practical guidance: Review the Guidance as it provides a number of useful examples that help determine the correct application.
See FCA Handbook ICOBS and Application of the FCA's COBS 4 rules to insurance.
ICOBS 2.1 deals with client categorisation. Different provisions in ICOBS may apply depending on the type of person with whom a firm is dealing. For example, certain provisions apply to policyholders
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Convention rights—structure of qualified rightsThe rights preserved under the European Convention on Human Rights (ECHR), as set out in the Human Rights Act 1998 Sch 1, can be broadly divided into three groups:•absolute rights—which cannot be interfered with by the state or derogated from even in a
Indirect discriminationThis Practice Note considers unlawful indirect discrimination under Equality Act 2010 (EqA 2010).There is a clear difference between direct and indirect discrimination, and the two are mutually exclusive (although claims may of course be brought in the alternative):•the law
What is a public authority?There is no single, universal answer to the question whether a particular organisation is treated, in law, as a public authority.Rather, on one hand the courts have developed case law on which bodies are subject to administrative law through the judicial review procedure;
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