PSC Insurance Group Ltd

PSC Insurance (Europe) Ltd - Compliance & Procedure Manual

Table of Contents

PSC Insurance Group Ltd

PSC Insurance (Europe) Ltd - Compliance & Procedure Manual

Section 1 – Introduction
Section 2 – Code of Conduct
- General Principles
Section 3 – Definitions
- Account Executive
- Advertisment
- Agent
- ATLAS
- BAR
- Binder
- Binding Authority
- BIPAR
- Carrolls
- CBI
- Checklists
- Client
- Client Monies
- Complaint
- Consumer
- Consumer Protection Code
- Contract Certainty
- Coverholder
- Direct Insured
- Director
- Distributor
- ECF
- EEA
- Employee
- FCA
- File Checklist
- Insurance Product Information Document
- Insured
- Insurer
- IPID
- Lineslip
- Lloyd’s
- Major Subjectivity
- Manufacturer
- Market Reform Contract
- Online Platform
- Paragon
- Personnel
- PSCE
- PSCEUK
- Producer
- Reinsured
- Short Rate
- Slip
- Third Party
- TOBA
- Underwriting Agents
- Websure
- WIBAL
Section 4 – Procedures
- 4.1 Generating Business – Contacting consumers
- 4.2 Terms of Business
- 4.3 Knowing the consumer (Factfind)
- 4.4 Assessing Suitability
- 4.5 Statement of Suitability
- 4.6 Client Premium Handling (Handling Procedures)
- 4.7 Rebates
- 4.8 Complaints
- 4.9 Errors Handling
- 4.10 Competency and Training Procedures
- 4.11 Conflicts of Interest
- 4.12 Business Referrals
- 4.13 Distance Marketing
  - Distance Communication
  - Restrictions on use of distance communication techniques
- 4.14 Passporting under the Insurance Distribution Directive
  - 4.14.1 Notification Procedure
  - 4.14.2 Brexit
- 4.15 Accounting Procedures and Submission of On-line Accounts
- 4.16 Product Oversight and Governance
  - 4.16.1 Manufacturers of Insurance Products
  - 4.16.2 Distributor of Insurance Products
    - Informing the Manufacturer of Issues
    - 4.6.2 Documentation.
- 4.17 Bundling and Contingency Selling
- 4.18 Commission Disclosure Document
Section 5 – The Sales Process
- 5.1 Introduction
- 5.2 Sales Process in Brief
- 5.3 Enhancing the Sales Process
- 5.4 Vulnerable Customers
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Section 3 – General
- Regulatory Summary
  - PSC Insurance (Europe) Limited
    - PSCE Organisational Chart
  - Worldwide Insurance Brokers & Advisors Limited
    - WIBAL Organisational Chart
- Market Participants
Section 4 – Placing
- 4.1 Slips & Quotes
- 4.2 Contract Certainty
- 4.3 Slip Format
- 4.4 Overseas Markets
- 4.5 Permitted Classes of Insurance and Countries
- 4.6 Quoting Terms
- 4.7 Incoming and Outgoing Emails
- 4.8 Approved Insurers/Licensed Insurers
- Insurance Product Information Document (IPID)
- 4.10 Treating Customers Fairly, Independent Advice, PSC’s Remuneration
- 4.11 Limited Markets
- 4.12 BIPAR
- Subjectivities
  - A. Deadlines
  - B. Consequences
  - C. Claims
- 4.14 Filing placing documents
- 4.15 Mid-Term Appointments/Broker of Record Letters
- 4.16 Firm Orders, Binding Cover and Back Dating
- 4.17 Premium Warranties
- 4.18 Verbal Agreements
- 4.19 Placing Files & Policy Documentation
- 4.20 Binding Authorities and Conflicts
- 4.21 Holding Covered
- Premium and Claims Data
Section 5 – Technical
- 5.1 Cover Notes/binders
- 5.2 Debit Notes
- 5.3 Excess placements and excess wordings
- 5.4 Commission/ Brokerage/ Fees
- 5.5 Grossing Up of Premium
- 5.6 Allegations of Negligence
- 5.7 Funding of premiums and claims
- 5.8 Requests for extensions of cover and other amendments to policies
- 5.9 General Underwriting Agreements/Leading Underwriters Clauses
- 5.10 Reinsurance
- 5.11 Binding Authorities
- 5.12 Online Platforms
Section 6 – Compliance
- 6.1 Approving and contracting with direct clients
- 6.2 Approving and contracting with Agents/Producers
- 6.3 Filing of Placing Files, Slips and other Supporting Documents
- 6.4 Archiving of Placing & Claims Files, Slips and other Supporting Documents
- 6.5 Renewals
- 6.6 Security of Insurers
- 6.7 Unrated Insurers
- 6.8 Underwriting Agents, Managing General Agents and Brokers with Binding Authorities/Facilities and Lloyd’s Service Companies
- 6.9 Telephone Calls and Meetings and Broking
- 6.10 CBI Rules
- 6.11 Money Laundering
- 6.12 Fraud, Dishonesty and Bribery
- Complaints
- 6.14 Individual Diary Systems
- 6.15 TOBA’s with Insurers
- 6.16 Introducing Clients to other brokers
- 6.17 Confidentiality Agreements
- 6.18 Conflicts of Interest
- 6.19 Transfer of Business
- 6.20 Sub-Broking
- 6.21 Third Parties
- 6.22 Payments of fees to Paragon
- 6.23 Short Rate v Pro Rata
- 6.24 Advertising
- 6.25 Absence from work
- 6.26 Changing/Amending non Paragon Documents
- 6.27 Cancelling Policies or Certificates
- 6.28 Coverholder Audit
- Power of Attorney
- Personal Visit
- Telephone Contact
  - Existing Customers
  - Prospects
Section 7 – UK Branch
Section 8 – Appendices
- Appendix 1 – Titles & Personnel
- Appendix 2 – Permitted Classes of Insurance
- Appendix 3 – Permitted Territories
- Appendix 4 – Contract Certainty
- Appendix 5 – Authorisations
- Appendix 6 – New & Renewing Facility Approval Form
- Appendix 7 – BIPAR Principles
- Appendix 8 – Confidentiality Agreements
- Appendix 9 – New Business Relationship Applications
- Appendix 10 – Whistleblowing Complaint Form
- Appendix 11 – IPID Templates
Section 9 – Claims
Section 10 – Workflows
Section 11 – Corporate Policies
- Anti-Bribery & Corruption Policy
- Anti-Money Laundering Policy
- Complaints Policy (& Procedure)
- Conflicts of Interest Policy
- Data Protection Policy
- Know Your Client Policy
- Sanctions Policy
- Training Policy
- Treating Customers Fairly Policy
- Vulnerable Consumer Policy
- Whistleblowing Policy (& Procedure)
Section 12 – Appendices
- Titles & Personnel
- Insurance Product Information Document (IPID)
- Terms of Business Agreement (TOBA)

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Carrolls

Carroll & Partners Limited, a PSC affiliated entity based in the UK.

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