27 October, 2016, 12:00 am
THE consumer watchdog is calling for a pragmatic approach to reform the insurance industry in the country.
Consumer Council of Fiji CEO Premila Kumar said insurance companies should not just offer tokens but take positive steps to ensure consumers get product disclosure statement from the agents selling the insurance covers to allow them to make an informed decision when investing their money.
The council made the comments in its support for the proposed initiatives by insurers such as the Life Insurance Corporation of India for tailor-making insurance products to cater for the needs of less well to do families which was highlighted to the Parliamentary Standing Committee on Economic Affairs and reported by this newspaper on Tuesday.
“Our experience with handling complaints against agents, has shown that some agents are not transparent in their dealings with consumers,” Ms Kumar said yesterday.
“Misinformation, non-disclosure, and lack of knowledge of the various products are some of the issues dealt with against agents who tend to mislead consumers in a bid to sell the product so that they get commission.”