FCA gives green light to BIBA’s travel medical insurance directory

The Financial Conduct Authority has approved a new travel medical insurance directory from the British Insurance Brokers’ Association, aimed at helping brokers meet incoming regulations.

The regulator has listed the directory on its website and brokers can now signpost travel insurance customers with special medical needs to this service.

From 26th April 2021, insurance providers selling travel insurance, will be required by the FCA to signpost travel insurance customers with more serious medical conditions, to a travel medical firm directory that meets the regulator’s criteria.

The requirement to signpost is triggered when a firm: declines, or otherwise does not offer, a consumer a quotation due to a medical condition; cancels a consumer’s policy due to a medical condition; offers a policy with a medical condition exclusion which cannot be removed from the policy; offers a policy with a medical condition premium of £100 or more, or offers a policy in respect of which the medical condition premium is not known.

Graeme Trudgill, executive director at BIBA, said: “We have a simple solution for the industry that helps them to easily fulfil their new regulatory obligation and helps consumers to better find the essential specialist travel insurance that they need.

“We are delighted to have met the FCA criteria for a medical cover firm directory and to be part of the solution. We have worked closely with the FCA throughout the process and we look forward to the times when consumers can safely travel again.”

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