As part of a joint review of insurance contract law, the English and Scottish Law Commissions are currently drafting an Insurance Contracts Bill. The consultation on this topic opened 28 January 2014, whereby both Commissions are hoping to obtain industry viewpoints on whether the first available draft clauses and accompanying notes from the Insurance Contracts Bill, meet the policy objectives set out in the consultation papers. The draft clauses for consideration are on:
- fair presentation (disclosure and representations) in business insurance;
- damages for late payment of claims;
- insurers’ remedies for fraudulent claims; and
- good faith.
The consultation closes on 21 February 2014. The Law Commissions hope to publish the final report and draft Bill by summer 2014.
View Insurance contract law, 28 January 2014
View Draft insurance contracts bill, 16 January 2014
View Reforming insurance contract law: initial draft clauses, 28 January 2014