The Exchange reveals providers may remove products
Technology provider 1st–The Exchange has revealed some life insurance providers may remove their products from the system later today in preparation for tomorrow’s ruling by the European Court of Justice (ECJ), while others could do so on the day.
It added advisers need to consider key questions regarding the implications of the ruling on their clients.
Paul Yates, strategy and business development director at 1st-The Exchange, explained the group had been working with all its providers who will be impacted by the ECJ ruling if they need to implement changes immediately.
"Some providers will be unaffected as their systems don't differentiate on gender; others may remove products late on today and come back on board tomorrow”.
"The remainder will wait until the ruling and then may temporarily remove the products to make any necessary changes. Depending on the ruling, we are anticipating one or two products may be withdrawn fully. It is entirely possible that products will disappear from the systems on Tuesday and then re-emerge," he added.
Yates also noted intermediaries needed to ensure their clients would not be adversely affected by the outcome.
"Advisers need to consider several questions," he said. "For urgent cases, will the full product range be available for quotation in the next couple of days? Will rates be better or worse following the ruling?
"Quotes should be honoured as is normal practice (except where stated otherwise) unless the ruling is back-dated, which is a possibility," he added.