The FCA has added a new section to its webpage on general insurance pricing – attesting compliance.
The rules in PS21/5 require senior managers of general insurance firms to provide annual confirmation that their firm has complied with the requirements in ICOBS 6B. The FCA will be sending out a survey in January 2022, where senior managers can provide their first annual attestation, to all general insurance and premium finance providers including:
- Home insurance
- Motor insurance
- Add-ons sold alongside home insurance (excluding premium finance)
- Add-ons sold alongside motor insurance (excluding premium finance)
- Premium finance sold alongside home insurance
- Premium finance sold alongside motor insurance Fees – by charging a fee at renewal for home insurance
- Fees – by charging a fee at renewal for motor insurance
- Incentives – by giving cash or cash-equivalent incentives to new business customers and is involved in the renewal of either home or motor insurance
Firms subject to the rules must provide this attestation by 31 March 2022. Firms who receive the survey but are not subject to the rules should submit a nil return.