Proposed Insurance Law Reforms: Insurable Interest

The Law Commission and Scottish Law Commission have invited responses to their proposals for the reform of the law of insurable interest by 11 April 2008.

The Law Commissions' preliminary view is that insurable interest in indemnity insurance no longer applies under English law and should also be abolished in Scotland. Insurable interest should, however, be retained - though relaxed - in the area of life insurance.

For an analysis of the Law Commissions' proposals please see full article below:

Full Article

The Law Commissions have considered the need for insurance law reform in the area of insurable interest because of the complexity of the statutes and caselaw governing this area. What constitutes an insurable interest is not clearly defined and varies between different types of insurance and jurisdiction. The Commissions state that for an interest to be insurable, the policyholder