The Insurance Act 2015 (the “Act“) comes into force tomorrow. It represents a fundamental departure from existing insurance law. The changes impact on a number of key areas which are summarised in the following document: click here.
The Act will impact on insurers, insureds, brokers and reinsurers. Whatever your involvement in the insurance market, it will be necessary to be aware of its terms.
The terms of the Act will apply automatically but it is possible to “contract out” of the regime.
It is essential, therefore for insurers, insureds and reinsurers to consider the Act and to decide whether they are happy for it to apply to their relationship. If not, then it will be necessary to consider contracting out.
Whichever option is selected, it will be necessary to make changes to standard form documentation and business processes.
Our Insurance Policy Wording Unit can provide advice on all aspects of the Act and its implications for your business. To find out more: please contact a member of the Insurance Policy Wording Unit: Helen Chapman on ext.2588 or Clare Douglas on ext.5954.