Britain will apply a European Union court ban on sex discrimination in insurance premiums from the end of next year, a government minister said on Thursday.
"It is our view the judgment only applies to new contracts for insurance and related financial services entered into, on or after 21 December, 2012," UK financial services minister Mark Hoban said in a speech made available to the press.
"That means that any contracts with gender-sensitive pricing of premiums and benefits concluded ahead of that date can continue unchanged after that date," Hoban said.
Britain and other EU states must comply with a European Court of Justice ruling in March on the Test-Achats case.
The case was brought by Belgian consumer association Test-Achats and looked at whether an exemption in EU law allowing insurers to base premiums on gender was valid.
The bloc's top court ruled different insurance premiums for men and women were not compatible with the EU's charter of fundamental rights, which bars sex discrimination.
Legal experts say the ECJ ruling is significant for many insurers in Europe because they use gender as a risk factor to price life and general policies.
The Luxembourg-based court gave member states until December 21, 2012 to end such discrimination.
Hoban said there are early indications other EU states will interpret the ECJ ruling in the same way.
"That said, we fully understand the need for legal certainty. The European Commission has already said it will issue guidance on the interpretation of the judgment, and we welcome this step," Hoban said.
"However, we are continuing to press the Commission to make an amendment to the gender directive to give legislative effect to the judgment." Read More
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