We have recently been asked if a Statement of Demands and Needs has to be produced for a commercial insurance contract. In short; yes. Firms are required to issue a Statement of Demands and Needs regardless of the type of insurance sold or whether it is advised or non-advised.
ICOBS 5.2 relates solely to Demands and Needs which was updated on the 1st October 2018 so that it was in line with the Insurance Distribution Directive. Our template Statement of Demands and Needs was updated to meet these rules. For further guidance please refer to our template Insurance Advice Process Manual.