Advisers have expressed their shock at revelations a European Court ruling could require insurance contracts to be altered retrospectively and see some providers close to new business.
They are worried the decision relating to the use of gender for underwriting could be ‘potentially massive' and lead the market into chaotic ‘wild west territory'. COVER revealed earlier this week the European Court of Justice ruling, expected on 1 March, could force insurers to stop using gender for risk differentiation immediately and make them amend their contracts retrospectively. The initial opinion from Advocate General Kokott declared insurers should not be able to use gender in risk pricing. It suggested a three year transition period for providers to install gender neutral co...
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