FSA amendments regarding proposed transfer of policies

Policyholders are to be given more information about what would happen to their policy contract if it is transferred to another insurance company thanks to requirements published by the FSA this week. The transfers in question typically take place when an insurance company restructures - following a takeover or merger for example. In such instances, consent from a policyholder is not required although it can affect their policy. From 1 December, procedures for non-life companies will be brought into line with those for life companies, with transfers of policies from one insurer...