Following a nine year project by the English and Scottish Law Commissions, the Insurance Act 2015 is set to come into force on 12 August 2016, bringing significant changes to the current legal regime which applies to insurance.
Miller has produced a document which provides an overview of the key changes that will be introduced by the Act. This includes the impact on the following:
- The existing duty of disclosure and move to a duty of ‘fair presentation’
- Remedies available to insurers
- ‘Basis of contract’ clauses
- Terms not relevant to the actual loss
- Fraudulent claims
Please note that the Act applies to both insurance and reinsurance contracts – where ‘insurer’ and ‘insured’ are mentioned in the bulletin, the Act applies to ‘reinsurer’ and ‘reinsured’ in the same context as appropriate.
Insurance Act 2015 overviewDOWNLOAD THE OVERVIEW