Gender pricing ban clarified
City minister, Mark Hoban, has announced that the EU-wide ban on the use of gender in calculating insurance premiums will not apply to policies taken out before 21st December 2012.
In a statement, Mr Hoban explained: “That means that any contracts with gender-sensitive pricing of premiums and benefits concluded ahead of that date can continue unchanged after that date.”
The Association of British Insurers’ director general, Otto Thoresen, has responded, saying: “This welcome clarification from the Government is good news for the millions of pensioners who could have been affected if these rules had to be applied retrospectively.”
He adds: “The decision by the European Court to ban gender in the use of insurance pricing was disappointing … insurers are working hard to mitigate any effects and today’s confirmation that the new rules will only apply to policies taken out from 21st December 2012 will certainly help.”
Category: ABI News, Insurance News
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