We have previously reported on the Law Commission and Scottish Law Commissions’ review of insurance contracts law (see our blog here). The Insurance Bill (the Bill), introduced to Parliament on 17 July 2014, contains the latest proposals to revise the law in this area (to view the latest Bill click here). The Bill proposes changes to disclosure and misrepresentation, warranties and remedies for fraudulent claims. Previous drafts of the Bill contained provisions which implied a term into insurance contracts obliging insurers to pay claims within a reasonable time; however, this was dropped at the last minute. If there is a broad consensus of support, the Bill will be fast tracked and considered by the Special Bill Committee later this year.
We will report further on the Bill as it progresses.