The FCA has confirmed that the travel insurance directory launched by the British Insurance Brokers Association (BIBA) for people with serious pre-existing medical conditions (PEMCs) meets its criteria for a Medical Cover Firm Directory.
All firms offering retail travel insurance are now required to include details of at least one of the confirmed directories on their websites, in accordance with the timing requirements in ICOBS 6A.4.3R.
The intention is to ensure that consumers have access to the directories before the signposting requirement is introduced on 26 April 2021.
From that date onwards, the requirements set out in the FCA’s Policy Statement PS20/3 mean that firms must signpost customers with PEMCs to a Medical Cover Firm Directory.
ICOBS 6A.4.3R states that firms offering travel insurance policies must include details of a Medical Cover Firm Directory on web pages where these are promoted.
The information must be provided prominently, clearly and accurately – and must include contact details of the Medical Cover Firm Directory firm, including its telephone number and a link to its website.
The information requirements in ICOBS 6A.4.3R must be met within 30 calendar days from the date on which a firm becomes aware (or ought to have been reasonably aware) of the public availability of a directory that meets the FCA’s requirements.
There are currently two confirmed directories are:
Any firm wishing to be included in BIBA’s newly approved directory, regardless of whether or not they are BIBA members, can contact BIBA’s Find Insurance Service Manager, Kirsty Fell, at firstname.lastname@example.org or on 07920 577699.
If you would like to know more about this, or any other compliance-related issue, please contact a member of our expert team on 01925 765777, or email us at email@example.com