Insurers in landmark medical disclosure agreement

The decision applies to critical illness, income protection and life insurance unless the customer deliberately withheld information. The guidance, drawn up in consultation with the Financial Ombudsman Service and ABI member companies, comes into immediate effect for new and existing protection insurance policies. It means insurers will pay customers a fair sum, reflecting risk and premiums paid, if customers fail to provide the relevant information. Insurers will refund premiums in “a small number of exceptional cases” if they would not have taken on the policy had they known the full...