What’s the purpose of the date I enter in response to the question: “If this policy is to replace an existing policy with us, please enter the date the original policy was purchased”?
Under the FCA regulation ICOBS 6.1.12A R (01 April 2017), the wording on a client’s insurance renewal needs to vary depending on how long they have been with an insurer. On and after the 4th renewal, the wording changes. To enable you to comply with this regulation for this specific scenario, this date is needed so that the correct wording can be inserted in future renewal packs.
This applies whether the new policy is to cover insurance at the client’s existing address or at the client’s new address if they have moved.
The date field is optional in case an existing policy is not being replaced or the existing policy is not with us.