The FSA expects protection and health insurance to be among the most likely product areas affected if the European Court of Justice (ECJ) rules that gender based pricing is illegal.
The regulator added that advisers, intermediaries and consumers would be hit along with insurance firms if such a ruling was made. However, it does not expect firms to change their products or pro-actively communicate with customers before the 1 March deadline, but does recommend they respond to any customer concerns and queries. COVER has previously revealed that some insurers may be forced to close to new business once the ruling is passed while they update their systems, while advisers have spoken of their concerns that it could lead to 'wild west' chaos. In its February Life In...
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