MSV Life p.l.c. has announced that with effect from 1 December 2012 it will no longer use a person’s gender as a risk factor in calculating the cost of life insurance and all new policies issued on or after 1 December 2012 will be issued at gender neutral rates.
On 1 March 2011, The Court of Justice of the European Union (ECJ) decided that, with effect from 21st December 2012, the use of gender as a factor must not result in differences to individuals’ premiums and benefits for insurance and related financial services contracts.
David G. Curmi, CEO of MSV Life p.l.c. stated “MSV is implementing the Gender Directive ruling before it comes into effect. With effect from 1 December 2012, our individual life protection products will be quoted using gender neutral pricing. The change to gender neutral pricing will not affect policies that are currently in force provided that no mid-term changes are effected to the contract that are likely to render it a new contract.”
Mr. Curmi added “as the leading provider of individual life protection in Malta, we are committed to increase the awareness of the Maltese for basic voluntary life protection, since the indicators that we have show that only around 36% of the working population in Malta have some form of life protection, and that most of this protection is used as collateral against bank borrowings. Therefore, most families are either uninsured or inadequately insured against the death of their primary income earners. Fundamentally, MSV believes that insurance remains good value and will continue to play a vital role in helping people to protect what they have today and to plan for their futures.”
More information can be found here.
MSV Life p.l.c. is authorised by the Malta Financial Services Authority to carry on long term business under the Insurance Business Act 1998. COM 021112/2