UK: TREASURY MAY EXTEND CAT MARK INITIATIVE

Article Abstract:

The government has announced plans to extend the Charges, access and terms (Cat) mark initiative beyond its current usage in mortgages and Isas into credit cards and long-term care products. It is also considering the use of Cat marks for advise in finance, pensions, unit trusts, term assurance, buildings/contents insurance, endowments, private medical insurance and mortgage payment protection insurance. The news of the large range of products under consideration for Cat marks was greeted generally with a qualified positive response from the industry , with some reservations over its application to complex products.

Commercial Banks, Commercial Banking, Bank Credit Cards, Nonbank Credit Card Firms, Credit Card Issuing, Financial Services, Finance and Insurance, Personal credit institutions, Nonbank credit card services

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UK: ABI to redefine heart attacks on illness policies

Article Abstract:

The Association of British Insurers is proposing to extend the definition of critical illness policies. Currently individuals making claims for a heart must have suffered chest pains. The new definition would describe a heart attack as the death of part of the muscle due to poor blood supply; rise in cardiac enzymes detected in a scan; and any electrocardiographic changes. The ABI believes that widening the definition will not result in an increase in premiums due to a decrease in heart disease in the UK.

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UK: LONG TERM CARE ADVICE MAY BE REGULATED

Article Abstract:

A consultation paper due to be released towards the end of December 2000 will explain how the Treasury's scheme for Cat-marking long term care (LTC) products will be applied and when it is to be introduced. LTC products will have to meet minimum standards in order to use the Cat seal of approval. The paper will also lead to consultation on the full regulation of LTC advice, as called for by Age Concern Financial Partnerships. Cat now refers to cover, access and terms.

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