New FCA travel insurance rules come into force on Monday 26 April 

The FCA has introduced changes to its rules on travel insurance and medical conditions, which come into effect next week. 

From the 26th April 2021 it will be a requirement that where a customer has a more serious medical condition and suitable cover cannot be provided, the customer must be signposted to a travel insurance medical firms directory.

The FCA have confirmed that there are two travel insurance directories which meet their criteria, one provided by The Money and Pensions Service (MaPS) which was confirmed on 8th October 2020, and more recently, one launched by the British Insurance Brokers Association (BIBA).

The new rules apply if a firm:

  1. declines or otherwise does not offer a quotation to a customer due wholly or partly to a medical condition
  2. cancels a policy due wholly or partly to a medical condition
  3. offers a policy with a medical condition exclusion which cannot be removed from the policy
  4. offers a policy with a medical condition at additional premium of £100 
  5. offers a policy for which the medical condition premium is not known.

If any of the above criteria apply, firms must advise the customer (in a manner that is prominent, clear and accurate) of:

  • the contact details of the medical cover firm directory.
  • the purpose of the medical cover firm directory; and
  • the potential benefits of accessing the medical cover firm directory.

The FCA’s statement can be found here.

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