Non Disclosure of Material Fact Claims Change
Published / Last Updated on 26/05/2011
Non Disclosure of Material Fact Claims Change.
The government plans to introduce new rules relating to insurance claims that will bring misrepresentation and non-disclosure rules in line with Financial Ombudsman Service (FOS) guidance.
In its Consumer Finance Bill, anticipated to be brought into law in 2013, the government will introduce rules that will place the responsibility on providers and insurance comoanies to obtain any relevant information on an individual prior to issuing an insurance policy rather than current position where claims get turned down to a client's non disclosure of a material fact.