Submission on Contracts of Insurance Bill

Summary:

1. The Salvation Army acknowledges that this bill aims to consolidate and modernize legislation around insurance contracts. Overall, we support the purpose of the bill. Our submission is brief and focuses primarily on Part 6: Subpart 6B—Duties to assist policyholders to understand insurance contracts. We have encountered numerous instances where vulnerable consumers we support have been exploited through the purchase of what we refer to as 'junk insurance' or add-on insurance. Therefore, our submission aims to highlight the challenges we see to ensure that legislation not only supports the insurance industry but also establishes robust safeguards for all consumers.