nsurance victory for event industry

Corporate group travel insurance sales have been exempted from new Financial Services Authority (FSA) Regulations following Eventia’s submission to the Treasury. The Treasury began an inquiry in August 2006 which sought to bring travel insurance sold as part of a holiday package under the same regulatory control as that of stand-alone travel insurance. Eventia’s regulatory committee was concerned that the sale of travel insurance for conference and incentive travel delegates would be included in the new legislation. It believed this could potentially make it impracticable for agencies managing overseas groups to continue selling travel insurance, even though they are required to offer it under package travel regulations. In consultation with its parliamentary advisor, John Greenway MP, Eventia’s regulatory committee submitted a response and provided evidence that the move was detrimental to consumer interests and that it was beneficial for delegate travel insurance to be made readily available by event agencies. Brian Kirsch, head of the Eventia regulatory committee and managing director of Event Assured, said: “This is good news for agencies organising overseas events which will be able to continue selling travel insurance to attending participants or delegates. The successful outcome of our response to the consultation process proves the value of a trade association that can represent its members to the lawmakers.” The legislation will come into force in 2009 following further consultation. The current wording of the draft applies to sales to commercial customers with a turnover in excess of £1m a year and Eventia intends making further submissions to remove that ceiling.

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