This issue of insurance reform is a current topic of discussion. This Consumer Contracts Bill is currently making it ways through the Houses of the Oireachtas. It was hoped to that it would become law in 2020, however the talk of a general election might delay its finalisation.
The law aims to make it more difficult for Insurance Companies to refuse to pay a valid claim. The insurers will also have to notify the insured when they plan to settle a claim. Being kept in the dark has been a source of complaints for insured person.
Another change will be that the onus will be on insurers to ask the relevant questions when a consumer or small firm is taking out a policy. This is a reversal of the current situation where the policy holder is expected to anticipate what has to be disclosed.
Our view here in Donal T. Ryan Solicitors LLP is that anything that places a bigger obligation on insurers can only be a good thing.
If you have any queries on the enclosed, or a query on insurance do not hesitate to contact Donal Ryan or Lorcan Dunphy in our Cashel office at 062 61288