NCCPA (Small Amount Credit Contract and Consumer Lease Reforms) Bill 2009

The Financial Services Royal Commission recommended improvements in consumer protection for insurance claims handling. We support that recommendation and the draft legislation to implement it. The proposed changes will ensure that insurance claims are covered under the definition of “Financial Service” in the Corporations Act and improve disclosure when settling an insurance claim. This will be beneficial for people claiming on their insurance policies. Additional protections are needed in the proposed laws however, to protect people from exploitation, including extending the legislation to include paid claims handling services and life insurance. There should also be additional protections for people settling an insurance claim following a natural disaster.

Submission to: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry