Insurance Act 2015 (IA 2015)—essentials
Produced in partnership with Oliver Saunders of Bryan Cave Leighton Paisner LLP
Insurance Act 2015 (IA 2015)—essentials

The following Insurance & Reinsurance guidance note Produced in partnership with Oliver Saunders of Bryan Cave Leighton Paisner LLP provides comprehensive and up to date legal information covering:

  • Insurance Act 2015 (IA 2015)—essentials
  • Introduction to the Insurance Act 2015
  • Duty of fair presentation (applicable to non-consumer insurance only)
  • Remedies for breach of the duty of fair presentation
  • Warranties and other terms
  • Fraudulent claims (applicable to consumer and non-consumer insurance)
  • Amendments to the Third Parties (Rights Against Insurers) Act 2010 (applicable to consumer and non-consumer insurance)
  • Contracting out (applicable to non-consumer insurance)
  • Damages for late payment of insurance claims—the Enterprise Act 2016 (applicable to consumer and non-consumer insurance)

Introduction to the Insurance Act 2015

The Insurance Act 2015 (IA 2015) received Royal Assent on 12 February 2015 and, apart from Part 6 of the Act, came into force on 12 August 2016. It represents the most comprehensive update of the statutory framework of English law for insurance contracts since the Marine Insurance Act 1906 (MIA 1906).

This Practice Note considers the key provisions of IA 2015 and how they reform the law. It also considers reforms that are effected by the Enterprise Act 2016 (EA 2016), the relevant provisions of which came into force in May 2017.

This Practice Note deals with provisions in IA 2015 relating to:

  1. duty of fair presentation

  2. remedies for breach of that duty

  3. warranties and other terms

  4. fraudulent claims

  5. amendments to the Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010)

  6. contracting out, and

  7. damages for late payment of insurance claims

The reforms in IA 2015 that apply to the insured’s duties of disclosure and representations contained in MIA 1906 and the law of warranties will apply as a default regime to all non-consumer insurance contracts (including reinsurance contracts). For the purpose of IA 2015, a non-consumer insurance contract is any insurance contract which is not a consumer insurance contract and includes reinsurance and retrocession. A consumer insurance contract is defined as a contract entered