Insurance consensus

The Consumer Insurance (Disclosure and Representations) Bill, introduced into Parliament last week, clarifies what insurers are required to tell consumers when they take out a policy.

Law Commissioner David Hertzell says: “This is the first time that consumer groups and the insurance industry have reached a consensus on the issue of pre-contract disclosure.”

Under the Bill insurers must ask for any information they need to assess risk, and consumers must answer honestly and accurately.