The Insurance Act - Keep it Simples

On 12 February 2015, the Insurance Act 2015 became law, signifying the end of a detailed review of the legislation underpinning insurance law in the UK. The act seeks to clarify commercial insurance law in three key areas:

- The pre-contractual duty of disclosure and the effect of (mis)representations at that stage;
- The effect of warranties contained in the policy; and
- The insurer's remedies for fraudulent claims.

This follows on from the Consumer Insurance (Disclosure And Representations) Act which was introduced for Personal Lines a couple of years ago and effectively cast aside the principle of utmost good faith and “prudent underwriter”.

As part of an expert panel a number of key speakers will discuss their response to the significant changes that these two acts will deliver.

Key speakers:

Bruce Hepburn, Mactavish CEO
Mactavish Insurance Governance experts will talk about the Insurance Act itself and outline the reasoning behind it.

Nick Smith, Senior Manager, Commercial Customer Propositions at Aviva
Nick will give an overview of the insurer's response and approach to the Insurance Act

Laura McCormack, Financial Ombudsman Service
The Financial Ombudsman Service will explain what changes the regulator want to see from the insurance industry as a result of the new Insurance Act and Consumer Insurance (Disclosure And Representations) Act.

David Ross, Communications Director at CII
David will talk about a campaign being launched by the CII entitled 'Made Simple' aimed at consumers to enable a greater understanding of our profession.

Presentations will be followed by a Q&A.

Learning objectives:
By attending this event delegates will be able to identify the following:

- The complexities of the Insurance Act and Consumer Insurance Act
- The new duty of “fair presentation of risk” and Insurers remedies for breach of duty of “fair presentation”
- The impact of the act on Loss Adjusters, Insurers and Brokers
- The benefits for the consumer.

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