The Insurance Act officially became law on 12th February 2015. The Act seeks to amend the rules to reflect modern business practice. In particular it addresses the imbalance in rights and remedies, currently in favour of insurers. It will govern the placement of all commercial insurance in the UK, and will apply to policies incepted or renewed from 12 August 2016.
This resource collates the most relevant and up-to-date information and advice from both Airmic and its sponsors, to help risk managers gain benefit from these new rules. The information will be updated continuously.
TIME FOR CHANGE: BLM GUIDE TO REFORM OF COMMERCIAL INSURANCE LAW
The current law on commercial insurance is founded on a 1906 statute which itself codified case law from the eighteenth and nineteenth centuries. The Insurance Act 2015 will apply to policies incepted or renewed from 12 August 2016 and is designed to change the law to reflect modern business relationships and to rebalance rights and remedies when things go wrong.
Did you know that when the Insurance Act 2015 comes into force on 12 August 2016, it will significantly impact your disclosure obligations when you take out, renew, or vary any business insurance that is subject to the laws of England and Wales, Scotland, and Northern Ireland?
The new Insurance Act 2015 – how can policyholders benefit now?
The Insurance Act 2015 (the new Act) comes into force in August 2016 but many insurers have indicated that they are willing to bring their policies in line with the more policyholderfriendly regime before that date. This briefing note is designed to assist risk managers and other buyers of non-consumer insurance to get ahead of the game now and benefit from these important changes to English insurance law from the date of their next renewal.
THE INSURANCE BILL AND THE NEEDS OF COMPLEX BUSINESSES
On July 17, 2014 the Government introduced the Insurance Bill [the Bill] into Parliament which proposes amendment to the business insured's duty of disclosure, the law of warranties and insurer remedies for fraudulent claims. The Bill contains most of the clauses from the earlier Law Commission Draft Insurance Contracts Bill, which pulled together recommendations from the last three years of consultation papers. If passed, the Bill would become law 18 months from the day it was enacted.
The Insurance Act 2015 (the “Act”) received Royal Assent on 12 February 2015, bringing about the biggest change to English insurance contract law in more than 100 years, and will come into force in August 2016. Marsh very much welcomes the Act and has been lobbying the Law Commissions to introduce these reforms since they started their consultations in 2006.