Consumer bill heralds industry boost
A proposed change in legislation to protect consumers could be good news for the public, insurers and brokers, writes Emmanuel Kenning
A draft Consumer Insurance Bill proposed by the Law Commission looks set to end the 104-year-old law on what information a consumer needs to declare to an insurer when taking out a policy.
The Bill, published in December last year, is designed to ensure that consumers are not prejudiced by confusion caused by current insurance rules set down in the Marine Insurance Act (1906): using this Act, insurers can currently refuse to pay out when a policyholder has not disclosed relevant information
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