INDEPENDENT NEWS

ICNZ welcomes reforms to insurance contract law

Published: Wed 4 Dec 2019 08:48 AM
The Insurance Council of New Zealand (ICNZ) welcomes moves announced today by Minister of Commerce and Consumer Affairs Kris Faafoi to reform insurance contract law.
Tim Grafton, Chief Executive ICNZ, says the current legislation is outdated and needs to be consolidated into a single piece of law.
"This is a highly technical area and we support the Minister’s decision to consult on a draft piece of legislation, a process that we will engage in constructively.
"Consultation will allow us to ensure the strengthened consumer protections in insurance contracts provide clarity and certainty for all parties, he said"
For the past four years ICNZ’s Fair Insurance Code has required its members to respond proportionately when consumers don’t disclose something they should have, a process ICNZ supports applying to the whole sector.
"Also under our Code, we require our members to set out their insurance policies in plain English which the whole sector should be striving to do. Furthermore, putting the onus on insurers to ask the right questions of consumers to underwrite a risk reflects the fact they have the ability to ask the right questions.
Mr Grafton concluded that ICNZ supports the Minister taking a balanced and careful approach to reform to what is a complicated and technical area.

Next in New Zealand politics

PREFU Shows Economy Doing Better Than Forecast
By: New Zealand Government
PM Statement On Cabinet COVID-19 Alert Level Review
By: New Zealand Government
Greens Unveil $297m Fund To Support Sustainable Food And Farming
By: Green Party
National Releases Its Plan To Restore NZ’s Prosperity
By: New Zealand National Party
New Zealand First Party List
By: New Zealand First Party
Arriving Travellers In Isolation To Be Able To Vote By Telephone
By: Electoral Commission
National To Invest In Our Children’s Future
By: New Zealand National Party
Numerous Arrests Following Investigation Into Historical Offending At Auckland School
By: New Zealand Police
An Extra 100,000 New Zealanders To Lose Their Jobs Under Labour
By: New Zealand National Party
New Zealand First – ‘Experience Needed Now More Than Ever’
By: New Zealand First Party
CTU Take On Pre-election Economic And Fiscal Update
By: Council of Trade Unions
PREFU Reveals Higher Debt And Unemployment, Lower Growth
By: ACT New Zealand
New Zealand First ‘Agrees To Disagree’ On Alert Level 2 Decision
By: New Zealand First Party
Alert Level 2 Continuation A Slap In The Face To New Zealanders
By: ACT New Zealand
Now Isn’t The Time To Be Making Life Harder For Farmers
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media