Insurers are being advised to make sure they are up to speed on the Consumer Insurance Act (CIA) which came into effect earlier this month.
The CIA is a big boost for consumers as they are no longer duty bound to disclose everything relevant about their application. The onus will now be on insurers and brokers to ask the right questions, though claims will still be forfeit if it is found the claimant deliberately withheld information.
There have been a few voices raised in concern about the ambiguity the CIA has brought between insurers and brokers. Martin Oliver, chief executive of brokers A&A Group, says that insurers are not being clear with brokers as to what is expected of them. “I can only remember seeing one document on this issue from an insurer as to what they expect to see. The activity around this has been patchy but these…
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