Law Commission consults on Insurance Contracts Bill — February 2014 - .PDF file.
The Law Commission (the Law Commission and Scottish Law Commission) is conducting a limited consultation on the first available draft clauses from its proposed Insurance Contracts Bill (the ‘Insurance Bill’). The draft clauses cover issues of fair representation of the risk, insurers’ remedies for fraudulent claims, damages for late payment of claims and good faith: all significant topics for insurers and policyholders alike. The consultation closes on 21 February 2014 and it aims to assess whether the current wording meets the Law Commission’s policy objectives.
The Insurance Bill is the outcome of the Law Commission’s most recent consultations, including its proposals to reform business insurance law, which received strong support. This is all part of the Law Commission’s general review of insurance contract law, which has been ongoing since 2006. Given that the project has resulted in the Consumer Insurance (Disclosure and Representations) Act 2002 (CIDRA), which came into force in April 2013, it is probable that the Insurance Bill will become law. The Insurance Bill, however, is incomplete as the Law Commission is still working on clauses dealing with warranties and contracting out.
Below is a brief overview of the Insurance Bill in its current state…
Click on the link below to read the rest of the Addleshaw Goddard briefing.