The new Commerce and Consumer Affairs Minister, Kris Faafoi, has confirmed that he will progress work on a significant package of insurance law reform in 2018. The Minister has said that the review process will likely take much of the three year parliamentary term in order that a full range of issues across the industry can be examined.
He confirmed that the review will encompass issues that have been on Labour's radar since 2007, such as policyholders' duties of disclosure and the associated remedies for breach of those duties. Potential new issues will also be considered, including any emerging issues relating to the impact of technology on the sale of insurance products.
As we have outlined in recent presentations, we have been anticipating that this law reform project would return to the agenda in this parliamentary term. Please contact us if you wish to receive further background to this law reform project, including the two relevant Law Commission reports and the Labour Cabinet Paper of 2007.
The interest.co.nz interview in which the Minister made these statements can be found here.
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