FCA has published its policy statement and final rules to help consumers with serious pre-existing medical conditions to understand the travel insurance market better. The new requirements will:
- require firms that sell travel insurance to signpost consumers to a directory of specialist firms that provide insurance to those with PEMCs;
- give guidance that firms that sell policies that exclude PEMCs should explain how the exclusions can be removed, or if they cannot’ and
- remind firms that they should calculate medical condition premiums using reliable information relevant to the risk assessment.
FCA also wants to work with the industry to help improve how consumers understand the travel insurance markets and how exclusions and other factors such as country of travel can impact medical costs and therefore premiums.
The changes take effect from 5 November, with firms being required to include information about the new directory on their websites within 30 days of becoming aware of it going live (which is expected in the summer).