Consumer Insurance Contracts Act 2019 has been saved
Consumer Insurance Contracts Act 2019
The Consumer Insurance Contracts Act 2019 was signed into law on 26 December 2019. The commencement of the majority of provisions within the Act began on 1 September 2020 with the remaining provisions to commence on 1 September 2021.
The Act introduced a number of changes across the insurance framework. The Act also notably provides the Central Bank with the ability to provide a regulatory code at a later date, in which they may outline further requirements and practices in respect of the Act. The Act requires Insurers to review current practices across the span of the business and identify what steps they may need to take to ensure compliance and a continued customer focus in the marketplace.
Read the full report here to understand:
- Why was the Act introduced?
- What does the Act do?
- Who does it apply to?
- What have been the key impacts of the Act?
- What should I be doing to prepare for implementation?
The European Banking Authority (EBA) published its final Guidelines on
Loan Origination and Monitoring on the 29 May 2020.