European Commission proposals to ban the use of gender in setting insurance rates should be rejected until it is proven that EU consumers would benefit from such a move, a Lords committee says.
The Lords EU Social Policy and Consumer Affairs Sub-Committee, says in a new report it would be wrong to penalise women drivers - who would pay more under the proposals. It would be even more wrong to penalise women who depend on annuity payouts of male breadwinners - an issue particular to the UK where annuities are often compulsory. ”As they stand, the proposals will lead to anomalies and inconsistencies,” the Sub-Committee states. The gist of the Sub-Committee’s report has been welcomed by the ABI, which says insurers would otherwise be prevented from pricing risk effectively. ...
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