1
00:00:00,160 --> 00:00:01,880
Speaker 1: Now the government's passed the law to give us a

2
00:00:01,880 --> 00:00:04,559
Speaker 1: better deal in insurance deals. Until now, what's happened is,

3
00:00:04,559 --> 00:00:06,560
Speaker 1: if you've taken out an insurance policy, it was your

4
00:00:06,600 --> 00:00:10,800
Speaker 1: responsibility to tell your insurance company any relevant information they

5
00:00:10,800 --> 00:00:13,880
Speaker 1: needed to know. Now, because of this law, they have

6
00:00:14,000 --> 00:00:16,279
Speaker 1: to ask you specific questions about what they need to know,

7
00:00:16,360 --> 00:00:18,320
Speaker 1: and then you just have to answer that question honestly.

8
00:00:18,360 --> 00:00:21,400
Speaker 1: Andrew Bailey is the Minister of Commerce and Consumer Affairs.

9
00:00:21,440 --> 00:00:23,759
Speaker 2: Andrew, Hello, Hello, how are you going?

10
00:00:23,840 --> 00:00:25,400
Speaker 1: Andrew? Well, thank you. Were you in the house for

11
00:00:25,440 --> 00:00:26,439
Speaker 1: the drama today.

12
00:00:26,880 --> 00:00:27,560
Speaker 2: For most of that?

13
00:00:27,840 --> 00:00:28,880
Speaker 1: Yeah? Was that a bit full on?

14
00:00:29,840 --> 00:00:32,440
Speaker 2: I haven't seen anything like it?

15
00:00:32,960 --> 00:00:35,120
Speaker 1: Yeah, what do you think needs to be done about that?

16
00:00:36,200 --> 00:00:40,879
Speaker 2: Well, obviously it's up to the Speaker, and he chose

17
00:00:40,920 --> 00:00:44,559
Speaker 2: to suspend the house, so it's his call what he

18
00:00:44,560 --> 00:00:47,600
Speaker 2: should do and to bring the house back and order.

19
00:00:47,640 --> 00:00:50,200
Speaker 2: But it was very rowdy.

20
00:00:50,320 --> 00:00:53,400
Speaker 1: It was rowdy. Listen. This law is this basically to

21
00:00:53,400 --> 00:00:56,200
Speaker 1: stop what sometimes happens, which is that insurance companies refuse

22
00:00:56,280 --> 00:00:58,120
Speaker 1: to pay out to you because you've forgot some tiny

23
00:00:58,200 --> 00:00:59,960
Speaker 1: little detail that they deem to be relevant.

24
00:01:00,720 --> 00:01:04,040
Speaker 2: Yeh, exactly. So there's three parts that The first thing

25
00:01:04,120 --> 00:01:06,840
Speaker 2: is no more getting when you have to fill out

26
00:01:06,840 --> 00:01:10,399
Speaker 2: a policy application, getting it in a whole Legalese language.

27
00:01:10,440 --> 00:01:15,040
Speaker 2: So it's a requirement insurance companies to present the application

28
00:01:15,200 --> 00:01:18,399
Speaker 2: form in an easy, doesn't send way. The second thing

29
00:01:18,520 --> 00:01:22,399
Speaker 2: is bit that you've just said, is that it takes

30
00:01:22,440 --> 00:01:24,400
Speaker 2: the guests work out of it. You have to honestly

31
00:01:24,640 --> 00:01:28,280
Speaker 2: respond to stuff. But it's up to the insurance company

32
00:01:28,319 --> 00:01:31,240
Speaker 2: to ask you the right question, not for you to anticipate.

33
00:01:31,760 --> 00:01:33,640
Speaker 2: Do I put in that I had tonsils out at

34
00:01:33,680 --> 00:01:36,680
Speaker 2: five when I was five years old? When you make

35
00:01:36,720 --> 00:01:39,600
Speaker 2: an application which may or may not be relevant. And

36
00:01:39,680 --> 00:01:41,800
Speaker 2: the third thing is we've been much clear about the

37
00:01:41,800 --> 00:01:44,960
Speaker 2: remedies in the event that you inovertently missed out a

38
00:01:44,959 --> 00:01:47,480
Speaker 2: piece of information. So what is the librlarity for the

39
00:01:47,520 --> 00:01:49,800
Speaker 2: insurance company? And we've been very clear about that.

40
00:01:50,640 --> 00:01:53,520
Speaker 1: Does this apply retrospectively? This law? So if I've got

41
00:01:53,560 --> 00:01:56,760
Speaker 1: existing oh so I need to go cancel all my

42
00:01:56,800 --> 00:01:58,360
Speaker 1: insurance policies and start them again.

43
00:01:59,320 --> 00:02:03,360
Speaker 2: Yep, you've entered into an agreement. So if you want

44
00:02:03,440 --> 00:02:06,720
Speaker 2: to be covered by the situation, you could go down

45
00:02:06,760 --> 00:02:09,280
Speaker 2: that course of action, but obviously this will come into

46
00:02:09,360 --> 00:02:12,919
Speaker 2: force says as you roll over into new policies.

47
00:02:12,840 --> 00:02:14,799
Speaker 1: As in like if I've got an existing policy with

48
00:02:14,919 --> 00:02:17,600
Speaker 1: let's say AA for my car, and I will renew

49
00:02:17,639 --> 00:02:19,800
Speaker 1: it at the end of the year, then it taks in.

50
00:02:20,639 --> 00:02:23,560
Speaker 2: Well, there's different there's quite a long lead time because

51
00:02:23,600 --> 00:02:25,640
Speaker 2: parts are a bit more complicated than the others. But

52
00:02:26,400 --> 00:02:29,080
Speaker 2: I would imagine for most insurance companies, for simple things

53
00:02:29,120 --> 00:02:31,800
Speaker 2: like car insurance, they will be well ready for that

54
00:02:31,880 --> 00:02:32,680
Speaker 2: by the end of the year.

55
00:02:32,720 --> 00:02:36,000
Speaker 1: But right, so, let's say whenever this bill, this piece

56
00:02:36,000 --> 00:02:39,000
Speaker 1: of law is fully enacted, I can go to my

57
00:02:39,600 --> 00:02:42,600
Speaker 1: insurance policies will renew at some stage and I don't

58
00:02:42,639 --> 00:02:44,959
Speaker 1: have to worry about it. I'm covered from the minute

59
00:02:44,960 --> 00:02:46,280
Speaker 1: that I renew my policies.

60
00:02:47,000 --> 00:02:51,560
Speaker 2: Yeah, the new arrangements, there is a stage time for

61
00:02:51,880 --> 00:02:54,720
Speaker 2: lead into them. Obviously, insurance companies got to go away

62
00:02:54,720 --> 00:02:57,400
Speaker 2: and rewrite their policies, put them in plain English as

63
00:02:57,400 --> 00:03:01,320
Speaker 2: an example. But once they're all done, then certainly when

64
00:03:01,320 --> 00:03:03,839
Speaker 2: you enter into those arrangements, so it's new arrangements, you'll

65
00:03:03,840 --> 00:03:04,240
Speaker 2: be covered.

66
00:03:04,400 --> 00:03:07,040
Speaker 1: Brilliant stuff, Andrew, Thanks very much, Andrew Bailey, Minister of

67
00:03:07,040 --> 00:03:11,120
Speaker 1: Commerce and Consumer Affairs. For more from Heather Duplessy, Allen Drive,

68
00:03:11,280 --> 00:03:14,720
Speaker 1: Listen live to news talks it'd be from four pm weekdays,

69
00:03:14,800 --> 00:03:17,000
Speaker 1: or follow the podcast on iHeartRadio