30-08-2016

The Insurance Act 2015, effective 12th August 2016.

The Insurance Act 2015 came into effect on 12th August 2016 and applies exclusively to insurance contracts which are subject to the laws of England, Wales, Scotland or Northern Ireland.

The Act changes the law governing insurance contracts to reflect modern business relationships between the policyholder and insurer and to re-balance rights and remedies in the event a claim arises. The Act therefore provides a better reflection on how insurance is carried out today and there are several implications for policyholders. The Act applies to new, renewal and mid-term adjustments entered into on or after the 12th August 2016.

For a more detailed explanation of the Act and the principal changes that may affect you, please download the attached document.