The Insurance Act 2015 – Are You Prepared?
Did you know that when the Insurance Act 2015 comes into force in August 2016, it will significantly impact your disclosure obligations when you take out and renew any business insurance that is subject to the laws of England and Wales, Scotland, and Northern Ireland?
For example, under the new Act:
- If you don't comply with your duties, insurers will have a new range of "proportionate remedies", which could include reducing your claim payments significantly.
- You will have to disclose information known by your senior management and by the individuals responsible for arranging your insurance.
- You will have to carry out a reasonable search for information you ought to know, which could include making enquiries of people outside your organisation, such as external consultants.
- You will have to disclose your information to insurers in a "reasonably clear and accessible" manner.
Read our Adviser on the topic to learn more.