TRAVEL INSURANCE
The regulation of the arranging and sale of travel insurance used to be dependent upon whether the insurance covers travel booked with the person who arranges the insurance (“connected travel insurance”) or whether the insurance is arranged separately.
Where the insurance was arranged separately then, since 14 January 2005, the person arranging the insurance had to be either authorised by the Financial Services Authority or be the appointed representative of such person - please follow this link for further details.
Where the insurance was connected travel insurance, however, there was an exemption which permitted those arranging it (usually travel agents) to continue to do so without regulation by the Financial Services Authority.
This exemption was removed with effect from 1 January 2009. Please follow this link to see the Financial Services Authority regulation of connected travel insurance.
Coffin Mew LLP’s specialist knowledge of general insurance regulation, and especially of the retail market for such insurance, means that we are able to provide all those working in the travel insurance industry, and those who wish to sell travel insurance, with a dedicated and expert service which is tailored to the applicable regulatory environment affecting the sale.
Our experience and advice in this area is a crucial benefit for distributors of packaged travel insurance as they consider the implications of, and how to react to, the Treasury announcement.