On 27 July, the FCA published the Covid-19: Deferral of Commencement (Access to Insurance) Instrument 2020, which came into force the same day.
The instrument amends the Insurance: Conduct of Business Sourcebook (Access to Travel Insurance) Instrument 2020, which will now come into force on 26 April 2021. The exception to this is Annex A and Part 1 of Annex B, which came into force on 1 June.
A related FCA webpage explains that the regulator has also made changes to its Handbook to introduce new requirements to help consumers with more serious pre-existing medical conditions (“PEMCs“) better navigate the travel insurance market. The expected next steps are:
- FCA is working with the Money and Pensions Service. It is developing a directory of specialist insurance providers, which is expected for September 2020.
- One month after the directory goes live and is listed on FCA’s website, firms must include details of a directory on their websites.
- From 26 April 2021, firms must signpost certain customers with PEMCs to a directory.