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: • duty of fair presentation • remedies for breach of that duty • warranties and other terms • fraudulent claims • amendments to the Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010) • contracting out, and • damages for late payment of insurance claims The reforms in IA 2015 that apply to the insured’s duties of disclosure and representations

ARCHIVED: This Practice Note is archived and is no longer maintained. For more information about the Directive 2016/97/EU, Insurance Distribution Directive (IDD), see: Insurance Distribution Directive (IDD)—essentials and for information concerning the impact of the UK’s departure from the EU, see: Impact of Brexit: Insurance distribution—quick guide [Archived]. 2023 Date Source Document Description 2 October 2023 European Parliament Draft Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 1286/2014 as regards the modernisation of the key information document (COM(2023)0278 – C9-0180/2023 – 2023/0166(COD))Draft Report on the proposal for a directive of the European Parliament and of the Council amending Directives (EU) 2009/65/EC, 2009/138/EC, 2011/61/EU, 2014/65/EU and (EU) 2016/97 as regards the Union retail investor protection rules The European Parliament’s Committee on Economic and Monetary Affairs (ECON) published draft reports on the European Commission’s Retail Investment Package.See: LNB News 05/10/2023 13. 15 September 2023 Official Journal Six decisions of the European Economic Area Joint Committee amending Annex IX (Financial Services) to the Agreement on the European

Insurance Europe has requested the European Commission to withdraw the Artificial Intelligence Liability Directive (AILD), saying it would create legal uncertainty and discourage innovation, increase compliance burden for businesses and create confusion among consumers about their rights.

Insurance Europe has called on the European Commission to ensure that the forthcoming technical work on Solvency II fully reflects the political agreement made in December 2023. Insurance Europe highlights that the changes can assist insurers in serving customers, unlock more investment for the green and digital transitions, and support progress towards completing the EU’s Capital Markets Union. Therefore, the additional technical work on Solvency II should closely reflect the high ambition of the political agreement and upholds the EU's commitment to reduce reporting burden.

Law360: Insurance Europe have warned the executive arm of the EU that implementation of agreed changes to the Solvency II rules must accord with its goals on climate change and increasing competitiveness.

Insurance Europe has published a response to the European Commission’s consultation on proposed amendments to the Package Travel Directive (PTD). While Europe’s insurers have reiterated their support of the EU’s goal of protecting travellers and its efforts to make the PTD simpler and more effective, the insurance industry argues that the original rules regarding insolvency protection are clear, unambiguous, and allow flexibility for national specificities.

Insurance Europe has published it manifesto, #InsuranceMatters, setting out its priorities for the EU which include addressing protection gaps and tackling climate change. It also makes several recommendations that would enable the European insurance industry to deepen its contribution to achieving these goals.

Insurance Europe has responded to several consultations by the European Insurance and Occupational Pension’s Authority (EIOPA) as part of level 2 of the technical discussions for the Solvency II review.

Insurance Europe has urged the EU to publish a clear and coherent roadmap for the development of the Insurance Recovery and Resolution Directive (IRRD). The industry argues that currently there is a ‘mismatch’ in the timeline—EU co-legislators agreed that the IRRD is expected to be published in the EU Official Journal (OJEU) later this year, where the industry will have to implement the new rules 24 months later. However, the European Insurance and Occupational Pensions Authority has been asked to develop 19 technical standards and guidelines, up to 30 months after the OJEU publication. Insurance Europe warns that these mismatching schedules create significant uncertainty on the implementation of the IRRD.

Law360: Insurance Europe and the CRO Forum have urged the European Insurance and Occupational Pensions Authority (EIOPA) to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.

CASE HUB ARCHIVED—this archived case hub reflects the position at the date of the decision of 30 June 2022; it is no longer maintained. See further, timeline. Case facts Outline European Commission Article 101 TFEU investigation into whether Insurance Ireland restricted access to the Insurance Link database in breach of Article 101 TFEU (Case AT.40511). Latest development On 30 June 2022, the Commission accepted commitments from Aspen, and therefore closed its investigation.Under the commitments, Insurance Ireland has committed to:• make the access to the Insurance Link information exchange system independent from membership to Insurance Ireland• change the access criteria to Insurance Link and make them fair, objective, transparent and non-discriminatory and to apply them uniformly to all applicants, from Ireland and other Member States.• establish a new Insurance Link application procedure with a defined timeline that will be handled by an operationally independent Application Officer, who is of a sufficient level of seniority and has experience in the insurance sector acquired in a professional capacity. Applicants who have been refused

Law360, London: The number of global mergers and acquisitions among insurers was at its lowest level for a decade in 2023, according to research published on 26 February 2024 by Clyde & Co that shows companies are reacting cautiously to heightened geopolitical risks.