General Insurance Industry reforms

By David Jacobson The Government has announced its response to the Senate Economics References Committee’s recommendations on Australia’s general insurance industry.
The Government agrees there is merit in further reviewing the following recommendations:
strengthen the transparency of general insurance pricing by amending the product disclosure regime in the Corporations Act 2001 to require insurers to:
disclose the previous year’s premium on insurance renewal notices; and
explain premium increases when a request is received from a policyholder;

initiate a review of component pricing to establish a framework for amending the Corporations Act 2001 to provide component pricing of premiums to policyholders upon them taking out or renewing an insurance …read more

Source:: Bright Law

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