Question to the HM Treasury:

To ask Her Majesty's Government what regulations are in place relating to private medical insurance.

The Government is determined that all insurers, including private medical insurers, should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including firms operating in the health insurance market.

The FCA’s Insurance Conduct of Business Sourcebook (ICOBS) sets the conduct standards required of insurance firms in relation to their business. These standards include requirements that firms take reasonable steps to ensure a customer is given appropriate information about a policy in a comprehensible form.

The FCA keep their rules under regular review: since the ICOBS came into force in 2008, it has been modified several times to add new rules and amend existing ones.

The Government is confident in the FCA’s ability to monitor the private medical insurance market and their powers to intervene if necessary.