PAA welcomes ISI move
The Professional Advisers Association has welcomed the ISI's announcement today that it will revise its Business Replacement Advice (BRA) process and consult with industry bodies and groups over coming months.
Thursday, July 22nd 2010, 4:11PM
The PAA's Chairman, Peter Leitch, said he was pleased that common sense had prevailed.
"We now look forward to working with the ISI to produce a new replacement business process that is balanced. It should reinforce that getting insurance coverage is valuable"
Leitch commented that the process "should also ensure that the consumer is empowered to ask questions of the person (or entity) recommending that an existing policy be replaced".
"A co-operative and consultative discussion about this process will, we believe, lead to a better and more workable policy".
Leitch reiterated that "all insurance industry participants need to be working together. We should be telling the public about the significant amounts of money that are paid out in claims each day due to be people being insured against the risks of death and disability, not just giving an example of where a claim is not paid."
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