Context
In February 2020, the FCA introduced rules to help improve access to travel insurance for consumers with more serious pre-existing medical conditions (PEMCs). It has now conducted and completed a post-implementation review into firms’ implementation of and compliance with the rules and also the impact of the intervention.
Key points to note and next actions
The FCA’s post implementation review has found that the signposting intervention has had a positive impact on the market, with the intervention resulting in an additional 21,000 policy sales.
In relation to implementation and compliance with the rules:
- 90% of the travel insurance firms reviewed were complying with the requirement to list ‘Medical Cover Firm Directory’ information on their webpages.
- All of the travel insurance firms reviewed were complying with the requirement to signpost customers to a ‘Medical Cover Firm Directory’ where the firm declines to provide a quote or where it offers a policy with a medical condition premium above £100.