Does anyone realise that certain risks are exempt from almost all ICOB requirements (ICOB 1.2.8) and the list includes all goods in transit policies sold to commercial clients - even to a corner shop owner.

No demands and needs statement, no status disclosure, no record keeping requirements.

I have queried this with the FSA and it hinges around the use of the colon and semi colon. I asked for clarification that the three conditions (two of which need to apply - having 250 employees and a balance sheet total or turnover of ¤6.2m to ¤12.8m) apply to all three classification of risks.

They don't. They only apply to the last category, C.

What this means is that all credit insurance, all goods in transit insurance and all pleasure craft insurance for commercial clients are contracts of large risk regardless of the size of the client.

I queried the grammar because technically the use of a semi-colon indicates a link to what follows, and the use of a colon indicates a list.

Name & address withheld

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