Insurance reforms in parliament today
- 5 years ago
The UK Government introduced a new Insurance Bill to Parliament. The Bill mostly applies to commercial insurance contracts although certain provisions also apply to policies with consumers. It will overhaul longstanding tenets of English insurance law, in particular the insurer’s right to avoid a policy for breach of the insured’s duty of disclosure and the law applicable to warranties. The Bill applies to reinsurance as well as to insurance contracts.
The Bill will pass through Parliament under a special procedure for Law Commission bills which enjoy a “broad consensus of support”. The Bill is expected to receive Royal Assent before the end of the current Parliament. The provisions of the Bill will come into force 18 months from the date of enactment in order to allow insurers time to prepare. Insurers will need to analyze the impact of the reforms on their policy wordings, underwriting, reserving and claims handling procedures.
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The Bill will pass through Parliament under a special procedure for Law Commission bills which enjoy a “broad consensus of support”. The Bill is expected to receive Royal Assent before the end of the current Parliament. The provisions of the Bill will come into force 18 months from the date of enactment in order to allow insurers time to prepare. Insurers will need to analyze the impact of the reforms on their policy wordings, underwriting, reserving and claims handling procedures.
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Subscribe to our YouTube Channel : http://www.youtube.com/newsxlive