| Journal: TWUK | Section: |
| Title: | Issue Date: 22/05/00 |
| Author: | Page Number: 76 |
| Copyright: Other |
Regulation to be debated by GISC and ABTA
THEGeneral Insurance Standards Council is inviting ABTA to talks in an attempt to finally agree which body should be responsible for regulating travel insurance sales through the trade.Speaking at the International Travel Insurance Conference in London last week, GISC chief executive Chris Woodburn said: “The problems of segregation of accounts and training have been addressed. This is now the big issue.”
ABTA is arguing that it should be allowed to regulate its members on behalf of the GISC.
“The board will invite ABTA to talks after the rule book is produced but Ihave to say that it is still not enthusiastic as it will fragment regulation,” said Woodburn.
“The system will not be as coherent or clear to the consumer.”
The rule book is to be published in two weeks and will form the contract between GISC and members.
Woodburn admitted that he does not expect agents to join GISC when it launches on July 3 as a voluntary body but emphasised that the board will be seeking Office of Fair Trading approval to make it a mandatory regime.
“I want a rule that insurers can only deal with GISC members,” he said.