Consumer Action Law Centre (Consumer Action) strongly supports the Australian Competition and Consumer Commission’s (ACCC) important work on insurance pricing and the operation of insurance markets in northern Australia.
Many of the findings and recommended reforms in the First Interim Report will benefit Victorian insurance consumers.
Consumer Action agrees with the ACCC that the Federal Government should take quick action to increase protections for consumers who invest in insurance products and not wait until the end of the three-year inquiry.
In our submission, Consumer Action comments on the ACCC’s recommendations and draft recommendations on:
- Extending unfair contract terms laws to insurance
- Reviewing and mandating standard cover
- Sum insured proposals, including disclosing the costs that count toward sum insured
- Extending the ban on conflicted remuneration to insurance brokers
- Giving consumers more control over how their claims are settled
Consumer Action’s submission also comments on advertising and the use of technology in the insurance sector.