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24 May 2013
Federal Treasury has released exposure draft regulations for the provision of key facts sheets (KFS) for home building and home contents insurance policies.
The KFS is a one-page document summarising what is and what is not covered by these policies.
Earlier this year, industry groups raised concerns that consumers would rely on the KFS rather than read their product disclosure documents.
But Financial Services Minister Bill Shorten says key facts sheets will reduce consumer confusion over home building and home contents insurance policies.
“Too often people fail to make informed decisions as a result of being confronted with lengthy and complex insurance contracts and product disclosure statements,” he said last week.
The one-page sheets have been “consumer-tested” to ensure they communicate the contents of policies clearly and the Government is currently seeking submissions from interested parties.
The Insurance Council of Australia will consider the draft regulations “to ensure the sheets provide the right level of information to consumers without creating the potential for misunderstandings about the terms of their policy,” a spokesman told insuranceNEWS.com.au.
“The industry continues to work with Federal Treasury on the introduction of key facts sheets to complement plain-English product disclosure statements.”
The closing date for submissions is August 24.
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