COBS 7.11.2 General
Past version: effective from 21/10/2015 - 20/10/2015
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(a) Insurance Monies are any monies arising from Insurance Intermediation or the Insurance Management business which are any of the following:
(i) premiums, additional premiums and return premiums of all kinds;
(ii) claims and other payments due under Contracts of Insurance;
(iii) refunds and salvages;
(iv) fees, charges, taxes and similar fiscal levies relating to Contracts of Insurance payable to a Person other than the Insurance Intermediary or Insurance Manager;
(v) discounts, commissions and brokerage payable to a Person other than the Insurance Intermediary or Insurance Manager; or
(vi) monies received from or on behalf of a Client of an Insurance Manager, in relation to his Insurance Management business.
(b) Monies are not Insurance Monies where there is a written agreement in place between the Insurance Intermediary or Insurance Manager and the insurer to whom the relevant monies are to be paid (or from whom they have been received) under which the insurer agrees that:
(i) the Insurance Intermediary or Insurance Manager, as the case may be, holds as agent for the insurer all monies received by it in connection with Contracts of Insurance effected or to be effected by the insurer;
(ii) insurance cover is maintained for the Client once the monies are received by the Insurance Intermediary or the Insurance Manager, as the case may be; and
(iii) the insurer's obligation to make a payment to the Client is not discharged until actual receipt of the relevant monies by the Client.