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ABI cracks down on sales of income protection policies

The Association of British Insurers is introducing tougher rules to force its members to improve the way they sell income protection policies.

From February 2000 ABI members selling individual income protection policies will be forced to comply with new guidelines which are aiming to help keep consumers better informed about the products they are buying and allow them to compare different companies products.

The ABI says it is enforcing the tougher rules to ensure its members are committed to the highest standards of selling practices.

The new rules will force members to produce a key features document which clearly states the aims of the policy, the policyholder&#39s commitments and risk factors.

Members will also be forced to use uniform definitions for generic terms such as deferred period, income protection and model exclusion wordings to reduce consumer confusion.

ABI director general Mary Francis says: &#34The introduction of the statement of best practice confirms the commitment of income protection insurers to the highest standards of selling practice.

&#34They want their customers to be bettered informed about the policies they are being offered and able to make meaningful comparisons.&#34


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