The Insurance Act
The Insurance Act 2015 ('the Act') received Royal Assent on 12 February 2015 and comes into force on 12 August 2016 applying to all contracts of…
The Insurance Act 2015 ('the Act') received Royal Assent on 12 February 2015 and comes into force on 12 August 2016 applying to all contracts of commercial insurance entered into or varied on or after this date.
The Act makes changes to the following areas of commercial insurance law:
- the duty of disclosure and remedies available for material non-disclosure;
- the incidence and effect of warranties;
- the remedies available for fraudulent claims;
- the effects of a breach of the duty of utmost good faith;
- restricts an insurers’ ability to contract out of the Act, and
- amends a number of other pieces of legislation, e.g., the Third Party (Rights Against Insurers) Act 2010 which is now expected to come into force as a result.
Weightmans' Market Affairs Group is promoting the key provisions of the Act providing practical guidance to insurers on how to prepare for the arrival of the Act. We will be issuing regular updates which will be available at the links on the right hand side of this screen as and when they are issued.
Should you wish to discuss the Act and its effects in further detail, would like assistance with your own preparations, or would simply like to be added to our mailing list ensuring that you receive our updates as soon as they are issued, please contact our Market Affairs Group at firstname.lastname@example.org.