The Insurance Act 2015

  • The Insurance Act made key changes to the duty of disclosure for commercial insurance contracts, warranties and insurers’ remedies for fraudulent claims.
  • These measures apply to insurance and reinsurance contracts made after 12 August 2016.
  • Section 13A imposes a new duty on insurers to pay claims within a reasonable time. That section of the Act came into force on 4 May 2017.
  • The Consumer Insurance (Disclosure and Representations) Act 2012 governs the law relating to the duty of disclosure for consumer insurance contracts.
  • The Insurance Act also amended the Third Parties (Rights against Insurers) Act 2010 which came into force on 1 August 2016.
  • The reforms were the outcome of the Law Commission and Scottish Law Commission’s Insurance Contract Law project. The Commissions’ reports and other consultation documents are available on their website.