Insurance Conduct of Business Sourcebook (ICOBS)

Read more about ICOBS, our Handbook rules regulating general and protection insurance products sales.

The overall aim of ICOBS is to ensure that your customers are treated fairly. You should give your customers clear, fair information when you sell them insurance.

Apply ICOBS to your business

ICOBS outlines high-level standards that apply to all non-investment insurance product sales (general insurance and protection policies). 

Suitability

You must ensure your advice is suitable for your customers. 

Product disclosure

You must take reasonable steps to ensure your customer is given appropriate information about a policy in good time and in a comprehensible way so they can make an informed decision. This applies before and after they buy the product and it includes price. The information you give will depend on the customer, the policy's terms and its complexity.

Claims handling

Insurers or those acting for them must treat customers fairly when handling claims.

Higher risk products

If your firm sells pure protection contracts, you will have to tell your customers who haven’t been given advice that they are solely responsible for deciding whether the policy is suitable for their needs.

Further information