The Insurance Act is the most fundamental change to the law of England and Wales, Scotland and Northern Ireland governing commercial insurance and reinsurance since the Marine Insurance Act 1906.
The Insurance Act 2015 is the biggest change to UK commercial insurance in more than 100 years. Airmic have launched a guide to understanding the new provisions under the Act, in particular the new duty for policyholders, achieving fair presentation of the risk.
The guide urges members to start preparing for the Act now. Advice is provided on the meaning of the Insurance Act 2015 in practice and immediate actions for policyholders to take in order to comply with the Act.