The Insurance Act 2015 (c. 4) is a United Kingdom act of Parliament which makes significant reforms to insurance law.[1] It came into effect on 12 August 2016,[2] and follows on from the Consumer Insurance (Disclosure and Representations) Act 2012 ("CIDRA"). Both of these new acts are a consequence of the Law Commission's millennium review of the law of insurance in general, and of marine insurance in particular. The Marine Insurance Act 1906 has been amended by these two new acts.
Part 1
Part 2 addresses the duty of fair presentation, which is a duty in operation before a contract in entered into.
Part 3 addresses "Warranties and other terms".
Part 4 addresses "Fraudulent claims", putting the common law rule of forfeiture "on a statutory footing".[4]
Part 5 addresses "Good faith".
There are two further parts containing ancillary provisions: Part 6 and Part 7.
The Act applies to all new insurance contracts entered into or renewed from 12 August 2016, and also to amendments to insurance made from that date.[5]
Initially, the Insurance Act 2015 was to have contained provisions relating to damages for the late payment of insurance claims. However, these provisions were deemed to be too controversial to pass through the expedited parliamentary procedure for Law Commission bills.[6] They were later reinserted in Part 5 of the Enterprise Bill, which was introduced into Parliament on 16 September 2015 [7] and passed into law on 4 May 2016. Clause 13A of the 2015 Act now states that:
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