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ABTA urges members to act on travel insurance

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ABTA is concerned that some travel agents have failed to arrange to sell travel insurance under the new regulatory regime that begins in January.

 

The failure of members to arrange to sell travel insurance under a new regulatory regime could result in their inability to legally offer customers travel insurance.

 

Travel insurance sold by the trade had been overseen since 2005 by ABTA, but from January 2009 it will become the responsibility of the Financial Services Authority under the new rules.

 

With many agents yet to make any arrangements, ABTA does not know how many will stop selling travel insurance from January, or will continue to sell.

 

Based on the new regulations, travel agents intending to sell the insurance cover must adopt one of three options.

 

The first is to be authorised by the FSA, which means they can offer a range of insurances and give advice.

 

The second is to be an appointed representative of an FSA-authorised company. This means they can only direct people to one company and not offer advice.

 

The third is to register as an Introducer Appointed Representative and pass the client on to an insurance supplier. This means they cannot accept premiums, give advice, provide product information or do anything other than point people to one supplier.

 

Travel insurance: News update: November 2008

 

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