The FCA has been looking at the regulations surrounding the sale of insurance to those travellers who have pre-existing medical conditions, plus any extra charges, or limits on cover, for holidaymakers aged 65 plus. Here’s some reaction from Graeme Trudgill, BIBA Executive Director, who commented:
“BIBA is highly supportive of signposting consumers to a specialist insurance provider. The existing Signposting Agreement on Age and Insurance has helped many thousands of older people find the insurance they need through BIBA’s Find-Insurance Services.
Helping people that have pre-existing medical conditions to more easily access travel insurance is a key commitment in our 2020 Manifesto. We are pleased that the new FCA rule(s) relating to access allows the flexibility for firms to meet the signposting requirement by choosing to signpost to an organisation (other than MAPS) hosting a directory of suitable specialists, providing that they meet the FCA criteria and are listed on the FCA website as a medical cover firm directory.
BIBA has been in discussions with the FCA about the development of our successful Find-Insurance Services, and we are ready to make the changes required and will be looking to apply to be listed as a medical cover firm directory. We accept enquires both online and in addition, via the telephone to our experienced contact centre, going beyond the requirements of the new rules and of particular benefit to vulnerable customers.
Including the BIBA Find-Insurance services as a directory that meets the FCA’s criteria will give firms more choice in where to signpost customers.”
BIBA will now be reading the policy statement in detail to progress our involvement.
Just in from the ABI;
Hugh Savill, Director of Regulation, Association of British Insurers, said:
“The vast majority of consumers can obtain travel insurance, including those with pre-existing medical conditions. While we welcome the FCA’s changes to strengthen the current signposting measures, the £100 premium loading trigger must be carefully and thoroughly worked through to ensure that it delivers real customer benefits and makes the buying process as smooth as possible.”