Consumer Insurance Act: Out with the old, in with the new
The Marine Insurance Act's outdated rules regarding policy applications are to be replaced by the Consumer Insurance Act. Will it make life difficult for insurers, or does it simply codify what they're already doing?
For more than 100 years, potential policyholders have been obliged to volunteer all information a "prudent insurer" would consider relevant when applying for an insurance product.
However, that
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