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ARTICLE · 20 DECEMBER 2016

The New Insurance Act

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On 12 August 2016 the Insurance Act 2015 (the "Insurance Act")1 came into force bringing with it a new default regime for business insurance in the UK.

United KingdomReal Estate and Construction
Jeremy Glover
Jeremy Glover
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On 12 August 2016 the Insurance Act 2015 (the "Insurance Act")1 came into force bringing with it a new default regime for business insurance in the UK.

As Jeremy Glover explains, it represents the most significant statutory change to UK commercial insurance law in over 100 years, and it will have a substantial impact on insurance practice and procedures, as it will apply to every insurance policy and reinsurance policy that is written in England and Wales, Scotland and Northern Ireland, as well as any renewals and endorsements.

Just a few days earlier, on 1 August 2016, the Third Parties (Rights against Insurers) Act 2010 had also come into force. The essential idea behind this Act is to try and make it easier for a third party to pursue a claim directly against liability insurers where the insured is or becomes insolvent.

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