Confusion over process for cases that fail to meet deadline

Protection advisers are calling for clarity on insurers’ processes for those applications which do not meet the gender directive deadline.

Thus far in the run up to the EU gender directive – which comes into force on 21 December and will ban insurers from offering different prices to men and women – advisers and insurers’ main focus has been on getting business on the books in time.

But now intermediaries are raising concerns that providers have not yet made it clear what will happen to those cases which do not make the deadline and have to be reissued on more expensive gender neutral rates.

The F&TRC Protection Forum, a group of advisers, life offices and reinsurers, has this week launched a matrix which sets out how each provider compares with regards to business that has been submitted but not accepted by the cut-off date.

It addresses a number of key issues identified by advisers as lacking in clarity, including how and when the new premium will be communicated to advisers, and what will be required from advisers and customers to commence a policy after G-Day.

Ian McKenna, managing director of F&TRC, said: “Throughout our dialogue with advisers they have been consistently asking for clarity around insurers’ plans.”

He added: “By assembling a detailed analysis of each insurer’s plans, that can be compared side by side, we are providing  a central place where advisers from any firm can check and compare where each provider stands on the key G-Day issues.”

Also this week, LV= switched to gender neutral rates, meaning quotes will now automatically be issued on this basis for its life, income protection and critical illness products.