Consumer Insurance (Disclosure & Representations) Act 2012 - Searchlight Insurance Training

Consumer Insurance (Disclosure & Representations) Act 2012

This workshop provides an overview of the Consumer Insurance (Disclosure & Representations) Act 2012, what the new law means and how business processes will need to change.

This legislation is the biggest change in the complex rules surrounding disclosure for over one hundred years and fundamentally alters the way in which material facts are obtained. Therefore staff at all levels need an understanding of the new legislation and how it might apply in practice.

This half day workshop is designed for insurers and brokers who are involved in consumer insurance policies and who wish to update their knowledge and gain a better appreciation of what this legislation involves.

Level: Introduction

Duration: 0.5 day(s) CII CPD Hours: 3
     

WORKSHOP OBJECTIVES

Explain the background the new law

State the main features of the Act and explain how these might apply in practice

Distinguish the different types of representations and the remedies available to insurers for mis-representation

 

WORKSHOP CONTENT

Background to the Act
•Why the previous rules were confusing and penalties harsh for non disclosure

Review of the new Act
•What is a consumer contract?
•What are consumers required to disclose ?
•New policies and variations of existing policies
•Discuss what is meant by reasonable care
•Examples of what might be a reasonable misrepresentation

Qualifying misrepresentation
•What they are ?
•Remedies available to insurers
•Discuss examples of remedies

Status of agents
•Why this matters
•Explain the specific details of the Act