A receipt must be issued for all premium payments received (including cheques made out to insurers).
For premiums received in respect of investment products a Section 30 Receipt must be issued. This type of receipt specifically applies to products as covered by the Investment Intermediaries Act 1995. Specific wording is required. See Section 6.5 of this manual for template.
For premiums received in respect of insurance products (life, pensions, general insurance) a receipt must also be issued but it is not to be entitled Section 30 Receipt. This type of receipt specifically applies to products as covered by the Insurance Distribution Regulations 2018. Ensure there are no references to the Investment Intermediaries Act 1995 included on the receipt. See Section 6.5 of this manual for template.
Records of receipts must be kept for 6 years after they were issued.
It is recommended a receipt book be pre-printed, numbered and in triplicate format allowing the original to be given to the consumer, a copy to go to the client file and a copy to remain in the receipt book. Insurance Intermediaries often keep receipts within a CRM system and this is appropriate provided a file of receipts can be extracted from the computer system.
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