COBS 7.11.7

An Insurance Intermediary or Insurance Manager may not obtain a loan or overdraft for any purpose relating to an Insurance Bank Account unless that advance:

(a) is on a bank account which is designated as an Insurance Bank Account, and the loan or overdraft is used for payment to Clients or to insurers of monies due under Insurance Intermediation transactions;
(b) does not give rise to a breach of the requirements of Rule 7.11.6(e); and
(c) is of a temporary nature and is repaid as soon as reasonably practicable.