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Travel: Insurance

Treasury written question – answered on 13th February 2020.

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Photo of Jon Ashworth Jon Ashworth Shadow Secretary of State for Health

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that (a) comprehensive and (b) competitively priced travel insurance cover is available to people with mental health problems after the transition period ends.

Photo of Jon Ashworth Jon Ashworth Shadow Secretary of State for Health

To ask the Chancellor of the Exchequer, what steps the Government is taking to ensure that (a) comprehensive and (b) competitively priced travel insurance cover is available to people with (i) disabilities and (ii) chronic health conditions after the transition period ends.

Photo of Jon Ashworth Jon Ashworth Shadow Secretary of State for Health

To ask the Chancellor of the Exchequer, with reference to the Treasury Select Committee's inquiry, consumers’ access to financial services, launched on 9 November 2018, what steps he plans to take to ensure that people with existing medical conditions have access to insurance after the transition period.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

On Wednesday 5 February, the Financial Conduct Authority (FCA) published new rules and guidance to improve access to travel insurance for all consumers with medical conditions

Included within the FCA’s rules is a requirement for firms to signpost consumers to specialist providers if they are declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their pre-existing medical condition.

In addition, the Government has legislated to ensure that all UK insurance policies with EU insurance companies can continue to be serviced by those EU companies after Brexit, notably with a Temporary Permissions Regime (TPR) for EEA firms currently passporting into the UK. This allows EU firms to continue operations in the UK for a time-limited period at the end of the transition period while they apply for full UK authorization, while the Financial Services Contracts Regime allows for the orderly wind down of the UK regulated activities of remaining firms who do not enter the TPR.

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