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September 8, 2020

It is expected that the Act will be signed into law late 2020.

The main provisions include the following:

1. Abolition of the insurable interest principle as a prerequisite to a consumer making a valid claim.

2. Fourteen day cooling off period for consumers.

3. Claims handling duties on proportionate remedies.

4. The invalidation of clauses that convert a representation into a warranty.

5. Modification to subrogation and third party rights.

Of significant interest is the stipulation in relation to retained amounts or “retentions”. Over a number of years Insurers had retained arbitrary amounts (see previous articles on this website) and due to pressure from various concerns, eventually incorporated conditions in their Policy whereby the specified amount was outlined as a term and condition.

However, in the context of the Consumer Insurance Contracts Act 2019, Insurers will now only be able to withhold 5% of a claim up to €40,000 until repairs are complete and 10% over €40,000. This is a significant development.

For further information on this and the general provisions/implications of the Consumer Insurance Contracts Act 2019 you can contact

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