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New LTC regime unaffected

The Treasury has confirmed that regulation of long-term care insurance will not be affected by the announcement regarding other types of protection insurance made last week.

A spokeswoman has confirmed there are no plans to delay the anticipated 2003 start date for LTC regulation.

The plans for LTC involve regulation of both the sales process and product design while the latest announcement concerns only advice.

Providers say LTC is a very different product from other types of protection insurance so there is no reason to delay implementing regulation.

Norwich Union LTC strategy manager Sandy Johnstone says: “I would be disappointed if it were to be delayed. There is not a lot of correlation between the various types of insurance.”

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