New requirements for consumer information in NSW ESL reform

The NSW Emergency Services Levy Insurance Monitor has issued new requirements for giving premium comparison information to consumers, impacting on what brokers need to provide to clients.

Last week, the NSW Emergency Services Levy Insurance Monitor issued new requirements for giving premium comparison information to consumers. The new requirements will affect insurers and brokers, and NIBA is finalising an information sheet with guidance for brokers about what they will need to do to meet the new requirements.

NIBA will get this information out to members this week.

Meanwhile, the Monitor held a public inquiry in Sydney on 16 May, where leading insurers outlined the extensive efforts they are going to in order to ensure a smooth transition from the insurance premium levy to the new property levy as from 1 July 2017.

NIBA recommends every broker should now be taking steps to carefully manage the removal of ESL on NSW policies as from 1 July 2017.

Information about the Monitor is available here.

Information about the new property levy is available here.