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UK To Introduce Damages for Late Payment of Claims


Commercial policyholders in the UK could soon be entitled to damages for late payment of claims under an addition to the Enterprise Bill, which is currently before Parliament.

If passed, the Enterprise Bill will amend the Insurance Act 2015, although it will not come into force until one year after the Enterprise Bill receives Royal Assent, which will be after 12 August 2016, when the rest of the Insurance Act 2015 comes into force.

Read our Adviser to understand what the new proposal means.