COB 7.10 COB 7.10 Placement of Insurance
Insurance Intermediaryor Insurance Managermust not place a Contractof Insurancewith or on behalf of an insurer unless it has satisfied itself on reasonable grounds that the insurer may lawfully effect that contract under the laws of the jurisdictions in which the insurer and the risk are located.
When giving a quotation, an
Insurance Intermediaryor Insurance Managermust take due care to ensure the accuracy of the quotation and its ability to obtain the insurance at the quoted terms.
Confirmation of Cover
COB 7.10.3(1) An
Insurer, in Effecting Contracts of Insurance, must promptly document the principal economic and coverage terms and conditions agreed upon under any Contract of Insuranceand finalise such contract in a timely manner.(2) An Insurer, Insurance Intermediaryor Insurance Managermust, as soon as reasonably practicable, provide a Clientwith written confirmation and details of the insurance which it has effected for the Clientor has obtained on behalf of the Client, including any changes to an existing Contractof Insurance.(3) An Insurer, Insurance Intermediaryor Insurance Managermust, as soon as reasonably practicable, provide the Clientwith the full policy documentation where this was not included with the confirmation of cover.(4) In (2) and (3), a Clientof an Insurance Manageris any Policyholderwith whom the Insurance Managerinteracts when carrying on its Insurance Managementactivities.