{"id":12820,"date":"2022-08-06T22:15:31","date_gmt":"2022-08-06T22:15:31","guid":{"rendered":"http:\/\/legalblog.ie\/?p=12820"},"modified":"2024-02-17T11:43:38","modified_gmt":"2024-02-17T11:43:38","slug":"cpc-insurance","status":"publish","type":"post","link":"https:\/\/legalblog.ie\/cpc-insurance\/","title":{"rendered":"CPC Insurance"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_63 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Quotation\" title=\"Quotation\">Quotation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Explanation_Required\" title=\"Explanation Required\">Explanation Required<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Illness_Insurance\" title=\"Illness Insurance\">Illness Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Reviewable_Premiums\" title=\"Reviewable Premiums\">Reviewable Premiums<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Some_Motor_Insurance_Requirements\" title=\"Some Motor Insurance Requirements\">Some Motor Insurance Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/legalblog.ie\/cpc-insurance\/#Policy_Documents\" title=\"Policy Documents\">Policy Documents<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Quotation\"><\/span>Quotation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An entity providing an insurance quotation must include information in the quotation as follows, assuming all the details provided by the consumer are correct and do not change:<\/p>\n<ul>\n<li>Amount of quotation,<\/li>\n<li>length of time for which it is valid,<\/li>\n<li>full name of the underwriter.<\/li>\n<\/ul>\n<p>The entity must set out clearly in the quotation provided any warranties or endorsements that apply.\u00a0 When the quotation is provided on paper or another durable medium, this must be in at least the same sized font as other information.<\/p>\n<p>Where a credit insurance quotation is provided to the consumer, it must show any discounts or loading that have been applied in generating it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Explanation_Required\"><\/span>Explanation Required<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The name of the relevant underwriters must be inserted in all insurance documentation and renewal notices issued to the consumer.<\/p>\n<p>A regulated entity must explain to a consumer at the proposal stage the consequences for the consumer a failure to make full disclosure of the relevant facts including medical history and previous insurance claims.\u00a0 The explanation must indicate that t the policy may be cancelled and claims will not be paid, the difficulty thereby incurred in obtaining other insurance, and the effect of failure to have property insurance may have on to terms of loans secured on the property.<\/p>\n<p>In the case of property insurance, it must inform the reasons for the refusal and notify that failure may jeopardise a secured loan.\u00a0 It must inform the consumer that they may request the information on paper or a durable medium.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Illness_Insurance\"><\/span>Illness Insurance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Prior to completing a proposal form for permanent health insurance, a regulated entity must explain the meaning of disability as defined by the policy, the benefits available, and general exclusions and reductions applied where there are disability payments from other sources.<\/p>\n<p>Prior to a consumer completing a proposal for a serious illness policy, the entity must explain clearly the restrictions, conditions, and exclusions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Reviewable_Premiums\"><\/span>Reviewable Premiums<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Prior to offering, recommending, arranging and providing an insurance policy with a premium that may be subject to review by the insurance undertaking during the term the regulated entity must explain clearly to the consumer the risk that the premium may increase and provide with him or her with details of the period for which the initial premium is fixed.\u00a0 A warning must be included in a specified format.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Some_Motor_Insurance_Requirements\"><\/span>Some Motor Insurance Requirements<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Where an insurance undertaking refuses to quote a customer for property or motor insurance, it must, within five days of the refusal, in the case of motor insurance, provide the reasons in writing and the right of the consumer to refer the matter to the Declined Cases Committee and the methods of self-doing.<\/p>\n<p>When offering a motor insurance policy to a consumer, a regulated entity must set out clearly the basis on which it may calculate the value of the vehicle for the purpose of settling a claim or where it is beyond economic repair following an accident, theft or fire.<\/p>\n<p>In offering a property or motor insurance to a consumer, a regulated entity must explain where relevant to the consumer that in the event of a claim, it will appoint its own builder or other expert or undertake restitution work on the property or motor vehicle.<\/p>\n<p>Where a consumer notifies an insurer of an intention to use an insured vehicle in another state, the entity must provide contact details for the appointed claims representative in that state.\u00a0 Where a secondary market exists for a life insurance policy and a consumer seeks information on early surrender, the regulated entity must notify the consumer at the same time as it discloses the value of the policy that the secondary market exists and that the policy may be sold on it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Policy_Documents\"><\/span>Policy Documents<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An insurance business must issue policy documents within five days of the information being provided by the consumer and cover being underwritten to consumers to whom it sold the insurance policy directly or to any insurance intermediary that sold its insurance policy.<\/p>\n<p>The intermediary must, within five business days of receiving the policy documents, provide them to the consumer.\u00a0 This applies to existing policies and renewals.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-12820\" data-postid=\"12820\" class=\"themify_builder_content themify_builder_content-12820 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>Quotation An entity providing an insurance quotation must include information in the quotation as follows, assuming all the details provided by the consumer are correct and do not change: Amount of quotation, length of time for which it is valid, full name of the underwriter. The entity must set out clearly in the quotation provided [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[386],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12820"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=12820"}],"version-history":[{"count":4,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12820\/revisions"}],"predecessor-version":[{"id":31923,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/12820\/revisions\/31923"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=12820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=12820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=12820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}