Draft legislation on reforming long-term care has been confirmed in the Queen's Speech.
She said "a draft bill will be published to modernise adult care and support in England."
However, while a modern care system was promised, there was no detail on how the funding system will be reformed.
Commenting, Steve Gay, Director of Life, Savings and Protection at the ABI said: "We hope the Government will stay firmly resolved on tackling the social care funding crisis.
"Whilst we are pleased to see the draft Care and Support Bill addressing the quality of care, it's very important that funding reform retains Government focus and is not kicked into the long grass.
"The insurance industry is ready to work with the Government to develop a sustainable solution to this major challenge facing society."
Speaking to BBC News, shadow minister for care and older people, Liz Kendall said it was "imperative" for government to get the issue of long-term care funding right.
Kendall also said cross-party consensus is essential to ensure future generations of people will have access to a fair system.
Andrea Rozario, director-general of equity release trade-body SHIP said: "It is disappointing to see the government has missed another opportunity to address the care funding crisis. Too many people are unsure of what they can expect from the State and what they will be expected to cover themselves, which is leading to "planning paralysis".
Rozario urged government to address the issue as soon as possible.
"The financial services industry is eager to engage in the debate and help people to find ways to meet social care costs, but without a definite framework and plan for the future this will continue to be difficult," she said.
