The Insurance Act 2015 ('the Act') received Royal Assent on 12 February 2015 and came into force on 12 August 2016 applying to all contracts of commercial insurance entered into or varied on or after this date.
The Act made 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
- amended a number of other pieces of legislation, e.g., the Third Party (Rights Against Insurers) Act 2010 which came into force on 01 August 2016 as a result.
Weightmans Market Affairs Group promoted the key provisions of the Act providing practical guidance to insurers on how to prepare for the arrival of the Act. Those updates can be found on the right hand side of this page.
We are monitoring the implementation of the Act through it's journey into a "business as usual" phase. Should you wish to discuss the Act and its effects in further detail, would like assistance, 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 or through the "ask a question" button.