The Enterprise Act 2016 – What Does It Mean for Your Business?
The Enterprise Act 2016 was passed on 4 May 2016, giving policyholders a potential right to claim damages in the event of a late payment. The new law, which will be an amendment to the Insurance Act 2015, will apply to every (re)insurance policy placed or renewed on or after 4 May 2017, if it is subject to the laws of England and Wales, Scotland, or Northern Ireland.
The Act comes as a positive step forward for insureds and should encourage insurers to increase the efficiency of their claims-handling processes.
To learn more, read our latest Adviser on the topic, which outlines the new right, and what insureds will need to show in order to recover damages from late payments.