Insurance Law up for Review

The Law Commission is dissatisfied with current insurance law, The Daily Telegraph has reported.

The independent body, which keeps the law under review and recommends reform where needed, is due to report on insurance law this autumn.

According to the newspaper, it will say that current insurance law is unsuited to mass-market consumer insurance policies because it is based on commercial insurance practices.

In addition, consumer bodies are lobbying the Government to include proposed changes in the Queen’s Speech that could re-orientate current insurance law towards to the Association of British Insurers’ voluntary code of practice and the best practice guidelines laid down by the Financial Ombudsman Services.

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source: Insurance Daily