Insurance Act 2015
The Insurance Act 2015 introduces major changes to insurance law in the UK and its impact will be felt by all insurers, insurance brokers and policyholders.
The Act makes key changes to the duty of disclosure in commercial insurance contracts, warranties and insurers’ remedies for fraudulent claims. Proposals to imply a new duty to pay claims within a reasonable time have been included in the Enterprise Bill that was published on 16 September 2015. If approved by Parliament, the Insurance Act will be amended to include the new duty.
The Insurance Act has also amended the Third Parties (Rights against Insurers) Act 2010 to allow that Act to be brought into force.
The majority of the measures introduced by the Insurance Act will come into force on 12 August 2016 and apply to insurance and reinsurance contracts and variations to existing contracts made after that date.
Our Insurance Act Zone offers an easy to use one-stop resource for our clients, explaining the changes and analysing how they will affect you.