Question: We are a Lloyd's broker and we provide a number of travel Insurance products to introducers and travel agents.
To what extent will travel agents be regulated by the FSA? I have seen many conflicting statements - from regulation not coming into effect for travel insurance until 2007, to anyone who receives commission for submitting a travel policy from a company needing to be regulated.
Answer: The only exemption is a specific travel policy bought at the same time with the specific holiday (for example, a holiday to Spain for two weeks in August plus insurance for that holiday only). Annual policies and stand-alone non-holiday specific travel policies are regulated. If the agent sells these then all products in that agency become regulated.