The government’s Finance and Expenditure Committee is calling for public submissions on the Contracts of Insurance Bill.
The Bill, proposed by Duncan Webb MP, seeks to enable consumers and businesses to protect themselves against risk, while minimising costs and impacts on insurers’ willingness to provide insurance in New Zealand.
A key part of the Bill would mean policyholders who made an honest mistake would not find themselves without cover. It would also introduce penalties for insurers who failed to act in good faith, such as not completing a claim in a timely manner.
Webb says his Bill addresses issues that have been raised for years by both the industry and consumer groups.
The closing date for submissions is Monday 3 June 2024. Click here for full details.
See our report: Move to Modernise Insurance Law