Industry figures have said that the Association of British Insurers (ABI) Statement of Best Practice for Critical lllness Cover consultation has not yet involved intermediaries in a meaningful way as media reports have indicated that proposals currently involve a reassessment of stage one critical illness claim payments.
COVER understands that the ABI's initial proposals are for stage one cancers to be excluded from full payment and would instead receive a partial payment of 25%. This would only apply to new policies. Other areas to be reviewed in the consultation include model wordings for critical illness definitions. Industry figures have expressed concerns that so far there has been a lack of meaningful discussion with the wider protection industry outside of insurer and reinsurer representation within...
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