The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:
Insurance law can be split into three parts:
insurance contract law which governs the contractual relationship between insureds and insurers
the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business)
insurance company law which is concerned with the financial soundness, probity and regulation of insurance companies
This Practice Note largely deals with the first part, insurance contract law. For more information on insurance regulation, see: General matters relating to insurance regulation—overview.
Following several previous attempts, most notably in 1980 (see the Law Commission’s 1980 report for details), in January 2006 the Law Commission and Scottish Law Commission (together the Law Commissions) started consulting on reforming insurance contract law. Following the consultation, the Law Commissions’ work was broken into three sub-projects:
consumer insurance law reform: pre-contract disclosure and misrepresentation
insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment
insurance contract law reform: insurable interest
After the 2006 consultation, there followed a series of statements and consultations and in December 2009 the Law Commissions published a draft Bill concerning consumer insurance contracts. This led to the implementation of the Consumer Insurance (Disclosure and Representations) Act 2012 (CI(DR)A 2012), which received Royal Assent on 8 March 2012. The operative provisions came
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