Govt puts responsibilty for securing risk data on insurers

Mark Hoban, financial secretary to the Treasury, said the government has considered the responses to the consultation on the Consumer Insurance bill and decided to take forward the proposed reforms, "when parliamentary time permits”. The reforms are based on recommendations made by the Law Commission and the Scottish Law Commission in their 2009 report Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation. The bill will replace the requirement for consumers to volunteer information about everything which a “prudent insurer” would consider relevant, with the requirement...