Policy statement 07/24 "Insurance selling and administration" sets out the final ICOBS rules and feeds back on responses received to consultation paper 07/11: "Proposed amendments to the Insurance: Conduct of Business sourcebook" published in June 2007. CP07/11 proposed a fundamental restructure of the general insurance marketplace and introduced new rules which differentiate between "protection products" (term, critical illness, income protection and payment protection insurance) and "other" products (all general insurance except PPI).
The Financial Services Authority has stated that the new ICOBS sourcebook is a significant step forward in its programme of principles-based regulation, with the removal of many detailed rules and a much greater reliance on the principles for businesses and a small number of high-level standards expressed as rules.
This reliance on the principles is supplemented by a small number of additional specific rules in areas where repeated failings have shown
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