UK - Insurance Act 2015 will impact every policy
Friday, 08 12 2016, Category: Insurance and Reinsurance, Country: United Kingdom
The Insurance Act 2015, which comes into force today (Friday August 12), represents the biggest change to insurance law in over a 100 years and it will affect every business insurance policy placed, renewed or amended after today, according to The British Insurance Brokers’ Association (BIBA).
The association has welcomed the new legislation stressing that it will modernise insurance law and make seeking payment from insurers simpler and fairer in the event of a claim.
The Act includes many positive developments that BIBA says it supports including outlawing the ‘basis of the contract’ clauses, which previously turned information provided by customers into warranties so that any change could have led to the end of the contract.
Source: Intelligent Insurer