Commenting on new legislation announced in the Queen’s Speech today, Andy Watson, CEO Ageas UK, said:
Civil Liability Bill and the Financial Advice and Claims Bill
“Ageas welcomes both the Civil Liability Bill and the Financial Advice and Claims Bill announced today - they show the continued commitment to reducing the cost and frequency of whiplash claims, and to tackling the nuisance of Claims Management Companies (CMCs).
Crucially, the Civil Liability Bill also provides a legislative vehicle to deal with the disastrous decision to reduce the Discount Rate to minus 0.75%. The consultation process started before the election must now proceed quickly so that the right, robust solution is put in place and we urge the Government to introduce the legislation as soon as possible. Until then, customers will be paying more than necessary to cover the costs of flawed compensation payouts.”
Automated and Electric Vehicles Bill
“The introduction of legislation for insurance for autonomous vehicles is welcome. This technology is rapidly developing and it is important that the law keeps pace to allow its testing and eventual adoption on UK roads. The economic, safety and societal benefits of automated vehicles are clear and we will work with Transport Ministers and Parliamentarians to ensure the legislation is robust and fit for purpose.”