The Insurance Act has today received royal assent, paving the way for the most significant change to English insurance contract law in over 100 years. The Act will come into force in August 2016 following an 18-month lead in period.
The Act aims to address the perceived current imbalance in the law in favour of insurers which is said to put the English market at a competitive disadvantage. In particular, it updates the statutory framework for insurance contracts in the following areas:
- disclosure and misrepresentation in business and other non-consumer insurance contracts;
- insurance warranties; and
- insurers' remedies for fraudulent acts.
The Act also amends the Third Parties (Rights Against Insurers) Act 2010 so that the 2010 Act can finally be brought into force.
For a summary of the Act and its implications for insurers and reinsurers, click here.
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