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Insurance Business | 14 May 2013, 12:00 AM Agree 0
Are insurers’ worst fears about to be realised? Federal government has drafted legislation to incorporate insurance contracts into unfair contract terms but experts warn it could do more harm than good.
  • Robert Cooper | 14 May 2013, 01:27 PM Agree 0
    I would have thought such legislation would have made the claims process much easier. Can someone tell me how making terms in contracts much fairer is going to make it worse for policyholders?
  • RB | 16 May 2013, 05:17 PM Agree 0
    I think it is a pointless piece of legislation that will have no real benefits to the customer. We have the Insurance contracts Act and has it has all the protection the consumer could ever need. The problem is that it is not administered. How many people in the industry that are making decisions on claims and underwriting and speaking to clients actually know of the Insurance Contracts Act, its implications, requirements and are prepared to adhere to them. If the Act was understood and administered correctly we would probably have happier insurance customers and wouldn't see poloticians introducing legislation that, its only real benefit, is to make some one look like they are doing something. (here is a thought' maybe we wouldn't get such a hard time from the press.)
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