Are You Prepared For The UK Insurance Act of 2015? | Riskonnect

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Are You Prepared For The UK Insurance Act of 2015?

 

Are You Prepared For The UK Insurance Act of 2015?

The U.K. Insurance Act of 2015 was passed into law Feb. 12, 2015, and takes effect Aug. 12, 2016. The legislation is seeking to create a new and fairer balance between policyholder and insurer. It will apply to every insurance policy and reinsurance contract written in England, Wales, Scotland and Northern Ireland. It should be noted this Act applies to any insurance that is contracted in these locations — regardless of the location of the risk. It applies to any direct placement with insurers or Lloyds, even if placed through a broker outside this territory. It also includes any reinsurance, such as that from captives who often use the Lloyds market.

The changes will have a significant impact on how both insureds and insurers approach policies, creating new duties for which insurers and policyholders must comply. In addition, there are consequences if not in compliance, such as a potential decline of claim, and, in some circumstances, forfeiture of premiums paid.

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