Weekly Update 23/14 referred to the HM Treasury’s consultation on the draft insurance bill. That consultation has now closed and the bill was presented to parliament on Thursday 17th July. The two clauses which were deemed to be most controversial (relating to late payment damages and the breach of a policy term reducing the risk of a particular type of loss (or a loss at a particular time or place) allowing insurers to refuse claims only for losses within those categories) have been removed (although the Law Commissions are still working on solutions to be introduced “at the next legislative opportunity”). It is also worth noting that the bill makes amendments to the Third Parties (Rights against Insurers) Act 2010 in order to allow that Act to finally be brought into force. The bill may undergo further amendments during its passage through parliament. The bill is available here:

http://services.parliament.uk/bills/2014-15/insurance.html