The Insurance Act 2015 received Royal Assent in February 2015 and is due to come into effect on 12 August 2016.
The purpose of the Act is to update the current law (which is over 100 years old) to reflect the way in which the insurance market has evolved, the aim being to achieve a fair and balanced regime between insurers and insureds.
The Act includes fundamental changes to the approach which will need to be taken by insureds and insurers in presenting/assessing risks and in addressing coverage issues post inception. Insurers and brokers - are you ready?
Click here to view the table.