11.5.1. Providing a statement of demands and needs

Prior to the conclusion of a Contract of Insurance, an Insurance Intermediary must provide the Client with a statement of the demands and the needs of that Client, which may be in summary form, as well as the underlying reasons for any advice given to the Client in relation to that Contract of Insurance.

Guidance: Nature of statement of demands and needs The statement should be provided in writing, but may be provided verbally where the Client requests it, or where immediate cover is necessary.

11.5.2. Ensuring suitability based on demands and needs

An Insurance Intermediary must only make a recommendation to a Retail Client to enter into a Contract of Insurance that is General Insurance where it has taken reasonable steps to ensure that the recommended Contract of Insurance is suitable in light of the Client's demands and needs.

11.5.3. Written confirmation of instructions

Where an Insurance Intermediary is instructed to obtain insurance, which is contrary to the advice that it has given to a Client, the Insurance Intermediary must obtain from the Client written confirmation of the Client's instructions before arranging or buying the relevant insurance.