DAC issues warning to insurance industry

DAVIES Arnold Cooper is warning the insurance industry to come up with an action plan for reforming accident compensation law or face exclusion from the personal injury law reform process. The Insurance Institute of London's recent 'Liability and insurance and accident report' recommended a no-fault compensation scheme, but DAC partner and insurance specialist Alan Fisher says the firm has formulated a workable alternative “that can be supported by insurers”. DAC's proposals include establishing a supervisory board to regulate insurer underwriting.