Proposed Travel Insurance Regulation - HolidayTravelWatch Opinion
In response to a request from the Financial Services Authority, HolidayTravelWatch has submitted its opinion on the proposed regulations, which will govern the sale of Travel Insurance to Consumers from 1 January 2009. This submission will conclude a lengthy consultation process which began before the Treasury Select Committee, followed by the enquiry of HM The Treasury.
After many years where little or no regulation governed the sale of Travel Insurance, the sale of this important product will be subject to a strict regulatory regime, like most other financial products. This enquiry will benefit holidaymakers where they suffer with holiday illness or accident, lose personal possessions or need to return to the UK or cancel their holiday unexpectedly. We consider that a regulatory regime will bring home to holidaymakers the very strong need to insure and make sure that they are fully covered!
The Regulation of Travel Insurance
Tags: FSA, holiday claims, holiday complaints, Holiday Food Poisoning Claims, holiday illness, Holiday Sickness, travel insurance
HTW has noted that amongst the submissions to the Committee on Toxicity (COT) it has been suggested that the symptoms highlighted by crew and passengers were akin to the condition of hyperventilation.
HTW has for many years received reports from concerned holiday makers or independent travellers as to the safety of their aircraft, ship or boat, train or road transport.
