We have over 300 firms in our membership.
Between them, they provide some 90% of insurance premiums in the UK. Our member companies account for almost 25% of investments in the London Stock Market.
The below documents relate to the compulsory arrangements that are conditions of ABI membership. An arrangement is any agreement or undertaking between members that the ABI is a party to, facilitates or administers.
Code on generic testing and insurance
Scope: Applies to all ABI members. However, there are specific compliance requirements on members transacting relevant classes of business (income protection, critical illness and life insurance).
Key principle: Providing fair access to insurance by allowing people to take out substantial amounts of cover without having to disclose the results of predictive genetic tests, whilst maintaining insurers’ fair access to relevant information for fair assessment and risk pricing.
Reviews: every three years, reviewed by the ABI and Government.
Mortgage endowment policy review and code of practice
Scope: Applies to all members with mortgage endowment books.
Key principle: To ensure that customers who are facing a shortfall in their mortgage endowment are given appropriate information on dealing with the shortfall, how to apply for redress and any time bars that may apply in relation to redress.
Current version: 2024. Templates for green letter, amber letter, red letter.
Transparency and access in motor and travel insurance for older people
Scope: Applies to members selling travel and/or private motor insurance which applies upper age limits.
Key principle: Members that use maximum age limits for motor and travel insurance will refer people aged above that maximum limit to a provider or suitable signposting service than can meet their needs.
Reviews: Reviewed periodically as appropriate (typically every three years)
Guide to minimum standards for critical illness cover
(replaced the Statement of Best Practice for Critical Illness Insurance Cover)
Scope: Applies to critical illness insurance including the critical illness element of all individual long-term products featuring critical illness cover.
Key principle: Assists consumers and advisers to understand and compare critical illness policies through the setting out of minimum standards of cover for certain conditions and the provision of standard definitions for common exclusions.
Reviews: A full review is carried out every three years.
