New Industry Webinar

Risk Management in the Wake of Consumer Protection Act 2019

Access the Recorded Webinar Here

Hosted by:
RIMS and Prudent Insurance Brokers Pvt Ltd

The provisions of Consumer Protection Act 2019 were notified in the last week of July 2020 and since then the government has been releasing rules and regulations to support the implementation of the Act. The Act repeals the older Consumer Protection Act 1986 and replaces it with a new statute with some very important and much needed modifications.

 

The new legislation has a threefold objective of protection of interest of consumer, smoother grievance redressal and  better regulatory control.

 

Several changes have been made to the law to address the objectives, resulting in a change in the perception of risk and liability across industries. The changes being brought about by the Act, impact several industries. It forces businesses to revisit their policies, contracts, advertisements, and sale strategies.

 

This webinar is being organized with the aim to invite the panelists as well as attendees to explore:

• An insightful discussion on the key changes in the law with special focus on
  • Unfair contract
  • Misleading advertisements
  • Sale of adulterated goods
  • Product liability and recall
  • Inclusion of E-commerce in the Act

• Industry experience on impact of the new law - assessment of risk and liability, from an industry perspective.
• Potential solutions and processes to deal with the new law –the new risk management strategy.

The Act has set in motion a process of tighter liability and stricter consumer friendly reforms. The overall increase in the exposure to manufacturers, sellers, service providers also comes with a heightened sense of risk. As is the case with any risk, the higher the risk, the more urgent requirement for risk transfer mechanism.

Access the Recorded Webinar