The Government has released an options paper for consultation on its review of insurance contract law.
The review aims to:
- Improve consumer understanding around disclosure obligations
- Protect consumers from genuinely unfair contract terms
- Improve the readability of policies and make policies easier to compare
Commerce and Consumer Affairs Minister, Kris Faafoi, says the proposed changes to the insurance contract law will be consulted on at the same time as the broader financial sector measures.
“Insurance contract law is decades beyond its best-by date,” he said.
“Consumers should be able to have confidence that they’re covered when the unexpected happens so we are going to make changes.”
The Government has also released an options paper for its conduct of financial institutions review (see: Government Considers Capping Commissions…).
Click here to read the insurance contract law review options paper in full.
Click here to make a submission by 28 June 2019.