Insurers must be clear when contracting out Insurance Act, warns Biba
Trade body says legislation will create a new and fairer balance between policyholder and insurer.
The Insurance Act became law today and the British Insurance Brokers' Association (Biba) has warned insurers who choose to contract out parts or all of the legislation to be clear about their intention and alert brokers of any disadvantages it could bring.
The legislation will create a new and fairer balance between policyholder and insurer. The Act sets a default regime and allows insurers to contract out of important elements of the legislation for non-customers as long as it is achieved in a
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