The Insurance Act 2015 received Royal Assent on February 20. The Act, which enters into force in August 2016, will reform insurance contract law in relation to the effect of a breach of the duty of good faith, warranties and remedies for fraudulent claims.
The Consumer Insurance (Disclosure and Representations) Act 2012 has been in force since 2013. These two pieces of legislation will fundamentally reform the law of insurance contracts.
We have prepared an easy to use table of responses to frequently asked questions on how the revised law applies to consumer contracts and will apply to commercial contracts once the Insurance Act 2015 comes into force.
To view our useful table: Insurance contract law reform: your questions answered, March 2015