The majority of protection providers are waiting until the April 2007 deadline before they adopt the Association of British Insurers' new critical illness definitions.
The definitions were introduced in April this year and the ABI said at the time it wanted insurers to adopt the changes “as soon as is practical” and at the latest by April 2007. Nick Kirwan, head of the ABI’s protection committee and protection market director at Scottish Widows, said earlier this year: “I hope insurers will want to adopt [the statement] as soon as they can because consumers want it and awareness depends on everyone using it.” Progress from Royal Liver was the first provider to launch a traditional critical illness (CI) product incorporating the standards in October, whi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
