Be Honest With Consumers, Irish Regulator Warns Insurers
Law360, London (November 22, 2018, 5:41 PM GMT) -- The Central Bank of Ireland has found “key consumer protection risks” in the gadget insurance market, it said in a review published on Thursday, and wants action from the industry to put it right.
Information given to consumers by insurance companies was insufficient, prices were not clearly presented and customers are frequently paying twice for insurance they did not need, the review found.
The director of consumer protection at the Central Bank of Ireland, Grainne McEvoy, said there is a gap between the level of protection most consumers think their gadget insurance provides and what it actually covers.
“Sellers of gadget...
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