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The Insurance Act 2015, the most important change in insurance law since 1906 comes into force on 12 August 2016 and will require insurance brokers, their customers and insurers to adopt different operational processes for managing commercial insurance. Its aim is to encourage professionalism in all parties involved in commercial insurance.
Sponsored by Ageas and RSA, the guide launched on 11 May at the BIBA Conference in Manchester, examines some of the key principles of the Act including the concepts of ‘Fair Presentation’ and ‘Reasonable Search’. It also reviews the effects of the changes in respect of the application of warranties and conditions as well as ‘contracting out’; outlining the considerations and challenges relating to each. Practically, the guide also suggests implementation measures that can be taken by brokers, customers and insurers to achieve Act compliance.
The post The Insurance Act 2015 An Implementation Guide appeared first on British Insurance Brokers' Association.
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