Press Release

Overwhelming Support for Consumer Law Reform

13 June 2008

At a meeting on 11 June focusing on consumer insurance law, The All Party Parliamentary Group on Insurance and Financial Services considered responses to the Law Commission's’ first consultation paper on the reform of insurance law.

David Hertzell, the Law Commissioner responsible for the project told the group that there had been a very impressive and thoughtful response from all sectors of the industry. He said
“The 105 responses we received showed a strong desire to reform consumer insurance law, not only among consumer organisations, brokers and lawyers, but also among insurers themselves. Out of 39 insurers and organisations representing insurers, only 4 argued against statutory reform affecting consumers. Most thought that the current position is unacceptably complex, confusing and inaccessible, with overlapping layers of outdated law, FSA regulation and FOS guidance”.

The Association of British Insurers, one of the 4 with reservations about the introduction of legislation, nevertheless welcomed the opportunity to work with the Commission as the project developed.

The Commission will publish a final report and draft bill on consumer insurance during 2009.

A summary of responses on consumer insurance law reform, and full details of the insurance law review can be found at http://www.lawcom.gov.uk/insurance-contract.htm

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