Summary
The Law Commission wants to change the law relating to non disclosure of facts on insurance application forms. This article explains what is happening.
Law Commission proposals to make insurance claims fairer.
If the proposals put forward by the Law Commission are adopted, policyholders could find it easier to make claims against their insurers. The Commission wants to update the 100-year-old law which covers insurance claims to restore consumer confidence. If accepted, its proposals would reduce the level of claim refusals which occur when consumers make innocent errors in answering disclosure questions on application forms.
The Association of British Insurers (ABI) has already rejected the changes. Its spokesperson said, "More law will not provide a better deal for policyholders. The insurance industry is already doing a lot to improve confidence among its customers."
It is claimed that the existing law, which is based on the Marine Insurance Act 1906, is no longer fit for a world of mass market policies or compulsory cover such as third party car insurance. The Law Commission believes that new laws are required to restore consumer confidence in personal insurance, such as life and critical illness insurance, and to underpin London's central position within the international insurance market.
Warning: fsockopen(): unable to connect to www.web-publishing-house.co.uk:80 in /home/l/i/life/public_html/rssclient/Snoopy.class.php on line 1149
Error: RSS file not found...