Business and Justice

The new Law of insurance contract that is emerging, according to information to which access has been the agency EFE, includes several new features, among which we highlight the following:

1 .- The obligation of insurance companies to submit within two months on a reasoned proposal for compensation to a customer, had this place from the date on which to communicate the incident. After that have a period of five days to pay such compensation paid.

2 .- In the case of defaults in the first or the only premium if applicable, an insurance policy, the draft of the new Insurance Contract Act, require insurers to notify their customers in a Within 15 resolve this situation, which is a novelty, since under current law this term is six months.

3 .- In the case of insurance do harm, the deadline for notifying the damage goes from the present five days from the statement of claim, a whole month, which is what is in this draft of the new Contract Law insurance.

4 .- In life insurance, this bill provides for the requirement to provide any assurance that information will facilitate and provide an understanding of the risks you take with your investment.

5 .- In the case of accident insurance, indicate that it recognizes the right of the insured to cover your company’s disability, if disability occurs within two years after an accident down the validity of a contract.

Noted that all these salient facts contained in the draft Law of the insurance contract, will be presented shortly Insurance Advisory Board, and from that moment this law will continue its passage through parliament, which can take several months hence it is expected, will come into force until 2012.

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