Updates to insurance law – are you ready?

What is changing?

The Insurance Act 2015 will apply to policies incepting from 12 August 2016 onwards. It makes significant changes to the law relating to insurance policies, and makes changes to the Insured’s duty of disclosure, warranties, and insurers’ remedies for the Insured’s breach of the policy, failure to give proper disclosure, and fraudulent claims.

On 4 May 2016 Royal Assent was given to the Enterprise Bill. It inserts a new section 13A into the Insurance Act 2015, giving policyholders the right to claim damages from insurers for late payment of claims. A term will be implied into commercial and consumer insurance contracts agreed from 4 May 2017 that insurers must pay claims within a reasonable time. Insurers can contract out in non-consumer contracts in certain circumstances.

Resources

CII members can access a video which summarises the legal changes arising out of these Acts here: http://www.cii.co.uk/knowledge/claims/articles/insurance-act-and-enterprise-bill-explained/39535

There is a CII CPD supplement here: http://www.cii.co.uk/media/6081968/blm_cpd_supplement_2015_spreads.pdf

What else can I access online?

The CII's Knowledge Network services have been substantially developed during the last few years and if you are a member of one of the CII Faculties you should get regular briefings on the material available (Webinars, Thinkpieces, ebooks etc).

The CII's CPD Video Vault is extensive and new topics are being added monthly. You do not need to attend formal workshops or seminars to improve your knowledge and earn CPD hours. If you have not explored the CII's learning facilities take time out to log on to the CII website, www.cii.co.uk/knowledge and log in using your Pin to discover the range of web-based learning options that exist. It is all free!