446TEffect of certificate from policyholder or client

1. A contract of insurance is not a consumer insurance contract if the policyholder (P) certifies in writing before entering into the contract that P is entering into it wholly or predominantly for business purposes.

2. Subsection (1) does not apply to a contract referred to in section 446P(2).

3. A person (P) is not a retail client in relation to a relevant service referred to in section 446F(1)(a)(iii) if P certifies in writing before receiving the service that P is receiving the service as a wholesale client (within the meaning of section 49(2) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008).

4. Subsection (1) or (3) does not apply if the financial institution, or the person who obtains the certificate, knew, or had reason to believe, at the time the certificate was given, that the certificate was false or misleading in a material particular.

5. A certificate is effective only if—

6. the certificate is in a written document that is separate from the contract of insurance or the contract for the relevant service; and
7. P confirms that P has read and understood the consequences of giving the certificate (including that P will have fewer protections from unfair conduct).