Abta is urging travel agents intending to sell travel insurance next year to ensure they have arrangements in place as soon as possible.
From January 2009 agents must either be regulated by the FSA directly or through an insurance company or broker as an ‘appointed representative’. A deadline for applying to be regulated directly passed on November 15, but Abta’s Mike Monk says agents must get their arrangements with insurance companies in place soon if they want to be approved by January 1, “They should make the decision about what they want to do and get on with it.”
Last week it was reported that only four out of 5,000 travel companies had applied for full regulation, although Acumus Insurance Solutions said it was working with 20 companies.
Travel insurance: News update: November 2008