The Insurance Act – Implications on the market
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Speakers: Michael Howard and Nichola Evans, Browne Jacobson LLP
The Insurance Act received Royal Assent on 12 February 2015 and will introduce a number of significant reforms. It was designed following extensive consultation and is intended to update the statutory framework to bring insurance legislation up to current best practice. The changes that will be imposed under the act are likely to affect anyone involved in the insurance market.
The changes are wide ranging and relate to the disclosure of material facts, the remedies available for non-disclosure, policy terms and warranties, and fraudulent claims
The act comes into force on 12 August 2016 which gives the insurance market 18 months to prepare and adjust for its implementation. That may seem some time away, but in reality, it is only one renewal for the majority of insurances.
Who should attend? Anyone in, or connected to, the insurance market who wants to understand how they will be affected by the changes that the Insurance Bill will make to the current law.
By attending this seminar, delegates will be able to:
- outline the changes to the statutory framework
- identify potential problem areas, with particular reference to policy drafting
- discuss the remedies available to insurers in the event of non-disclosure
- receive practical guidance on how to operate within the new statutory framework
- describe practical considerations at policy renewal, with particular reference to insurance brokers
- be aware of the possibility of further insurance reforms
About Michael Howard
Michael is a Fellow of the Chartered Insurance Institute and qualified as a solicitor in 2002 having worked for various insurance brokers in London and Hong Kong. He specialises in insurance coverage disputes, policy wording drafting and defending professionals.
About Nichola Evans
Nichola qualified as a solicitor in 1993 and specialises in commercial insurance disputes, recovery claims and advises on policy coverage. She is a member of the FOIL National Executive Committee and sits as their representative on the Law Society Council.
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