Introduced on April 30.  The bill attempts to reform and improve insurance contract law currently fragmented across 6 different Acts, some over 100 years old. A series of reviews, including by the Law Commission, have identified a number of long-standing issues with insurance contract law. In particular, there are changes to consumer disclosure rules and insurer’s remedies for breach. The Bill also amends the Financial Markets Conduct Act 2013 to require insurance contracts to be worded and presented in a clear, concise, and effective manner. First reading on May 2 with all parties in agreement and sent to the finance and expenditure committee to be reported back by Sept 3.

Contracts of Insurance Bill