City minister, Mark Hoban, has announced that the EU-wide ban on the use of gender in calculating insurance premiums will not apply to policies taken out before 21st December 2012.

In a statement, Mr Hoban explained: “That means that any contracts with gender-sensitive pricing of premiums and benefits concluded ahead of that date can continue unchanged after that date.”

The Association of British Insurers’ director general, Otto Thoresen, has responded, saying: “This welcome clarification from the Government is good news for the millions of pensioners who could have been affected if these rules had to be applied retrospectively.”

He adds: “The decision by the European Court to ban gender in the use of insurance pricing was disappointing … insurers are working hard to mitigate any effects and today’s confirmation that the new rules will only apply to policies taken out from 21st December 2012 will certainly help.”

 

News posted: July 1, 2011

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