Airmic to give evidence on Insurance Bill

Airmic has been called to present its view on the reform of the Marine Insurance Act to the special public bill committee which is examining the Insurance Bill in the House of Lords. John Hurrell, CEO, and Paul Hopkin, technical director, will give evidence in favour of the Bill on 9 December.

Airmic fully supports the Bill, designed to overhaul the outdated system that has been in place for over a century. It aims to correct draconian disclosure rules by providing proportionate remedies for innocent non-disclosure, as well as eliminating basis clauses.

As well as supporting the proposed changes, Airmic will back the case for reinstating protections for policyholders against the inappropriate use of warranty breaches to avoid policies. This was one of two clauses dropped from the Bill in order for it to proceed quickly through the parliamentary process.

The Bill has completed its second reading in parliament and is on track to become law before the general election in 2015. This will be followed by an 18 month transition period before the law is enforced.

John Hurrell - Airmic

Paul Hopkin - Airmic