7 key takeaways from new insurance bill

The Government has released the Contracts of Insurance Bill for comment. Over the weekend I spent some time reading the draft Bill. These are some first impressions.

The good news is that the provisions of several pieces of legislation are now incorporated into one place.

Life insurers will be busy exploring changes to application forms, policy wording and other administrative changes the new law will require. Some provisions affect advisers and the advice they give.

There is much we will need to delve into, to fully understand any implications and changes needed.