By Pinsent Masons
But Federal law has been driven to the leading edge via the present fiscal meltdown. because the fresh close to failure of coverage titanic AIG in September 2008, there have been demands the U.S. to include federal legislation of the assurance as early as 2009. it really is during this context that The Pinsent Masons Guide to coverage Distribution can function an invaluable reference book.
Written by way of experts at Pinsent Masons, a advertisement legislation enterprise focusing on coverage, this advisor outlines British regulatory legislation overlaying insurance firms developing partnering distribution agreements - these particular preparations among insurers and the events who can promote and distribute policies at the insurers' behalf. Readable and available, it bargains with all features of the distribution of assurance via 3rd get together prone, the duties and liabilities in the context of present legislations, and sturdy practice.
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Additional info for The Pinsent Masons Guide to Insurance Distribution: Law and Regulation
How does a consumer exercise the right to cancel? A consumer exercises the right to cancel by following the instructions given to them by the insurer before the expiry of the relevant deadline. If the consumer sends off the notification to the insurer before the expiry of the deadline, they will be deemed to have cancelled in time. What is the effect of a consumer exercising the right to cancel? By exercising the right to cancel, the consumer withdraws from the contract, and the contract comes to an end.
____________________ INSURANCE CONDUCT OF BUSINESS SOURCEBOOK 39 ឣ E-businesses are also under an obligation not to target consumers by ‘stealth’. They must clearly identify marketing messages sent by e-mail or text message as commercial communications. The name of the person on whose behalf the message is being sent must be clear. Promotional offers or promotional games and competitions must be clearly identified, and their terms and conditions unambiguous and easily accessible. Information about the firm, its services and remuneration (ICOBS 4) Whom does ICOBS 4 apply to?
2 applies to firms carrying on electronic commerce activity. Electronic commerce activity is defined as the provision of an ‘information society service’, which in turn is defined as ‘any service normally provided for remuneration, at a distance, by means of electronic equipment for the processing (including digital compression) and storage of data, at the individual request of a service recipient’. It therefore includes buying and selling online. What are the requirements for firms that do business online?