Insurance Act
The Insurance Act came into effect on 12 August 2016, replacing law that has been in place since 1906. It overhauls the existing law, and aims to rebalance the position between the buyers of insurance, (re)insurance and (re)insurers.
While it puts an (re)insured in a seemingly better position than currently, it does impose a new duty on them, the ‘duty of fair presentation’. This new duty will require the (re)insured to change how information is provided to (re)insurers, and is explicit regarding who needs to be consulted when gathering such information.
The Act applies to policies that incept or renew on or after 12 August 2016 (although the new duty is likely to also apply to variations made to existing policies on or after this date).
Click here for information on how the Insurance Act 2015 affects insurance and clients of
Aon Risk Solutions.
Click here for information on how the Insurance Act 2015 affects reinsurance and clients of
Aon Benfield.
Aon's video guide to the Insurance Act 2015
Duty of Fair Presentation
Click here to read a guide to the new duty of fair presentation (the information presenting in this document is relevant across both insurance and reinsurance).
Last updated: 12 August 2016