Law Commission Proposals – Insurance Bill

An Insurance Bill was presented to Parliament in July 2014. The bill is following the special Parliamentary procedure for uncontroversial Law Commission bills and it is therefore possible that it will now be passed before the end of the current parliamentary session (30 March 2015). If Royal Assent is obtained, the Insurance Act 2015 will apply to every insurance policy and reinsurance contract written in England and Wales, Scotland and Northern Ireland and (with certain exceptions set out below) will come into force 18 months after the date it is passed. This will allow time for policy wordings to be amended, where necessary. It should be noted that the bill may be amended further during its passage through Parliament.