We have previously reported on the Law Commission and Scottish
Law Commissions' review of insurance contracts law (see our
blog
here). The Insurance Bill (the
Bill), introduced to Parliament on 17 July 2014,
contains the latest proposals to revise the law in this area (to
view the latest Bill click here). The Bill
proposes changes to disclosure and misrepresentation, warranties
and remedies for fraudulent claims. Previous drafts of the Bill
contained provisions which implied a term into insurance contracts
obliging insurers to pay claims within a reasonable time; however,
this was dropped at the last minute. If there is a broad consensus
of support, the Bill will be fast tracked and considered by the
Special Bill Committee later this year.
We will report further on the Bill as it progresses.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.