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Personal Injury ReformThe Chartered Insurance Institute has asked for a personal injury reform in the insurance industry. They are asking that the UK government allows for a compensation system to help the UK residents. The government published a paper in 2007. This paper was to propose that some type of action be taken to reform the system in the insurance industry regarding personal injury. Now the Chartered Insurance Institute, Association of British Insurers, Confederation of British Industry, and other organisations have asked that the government follow through with their reform proposal. The UK residents and Insurance businesses have now been waiting for a year to get the reforms started. The proposals by the government are aimed at the personal injury claims system. The government believes that it needs to be fair and efficient. It is also thought that the compensation needs to be paid quickly to those who are entering in a claim. The idea is that if the money is paid out more quickly, than the individual will be returned to health more quickly. The argument is not with what changes to make it is more in how to make sure that it happens correctly. A key element is to make sure that the claims are treated fairly and that the insurers are aware of the claim in the appropriate amount of time. It is also important to make sure that the claim is filled in a decent amount of time according to the point of sale. There is a lot of speculation as to how the personal injury reform will happen. They don’t want the reform to be slowed down, which is why the insurance companies have been trying to get the government to step up their movements. There is some worry that the much needed reform could be vetoed because of the considerations that may run against the needs of the public. Financial News March 2008 |