Annual Insurance Review 2015
Landmark insurance law reform and dealing with economic recovery which remains gradual.The fundamentals of insurance contract law were set out over a century ago in the Marine Insurance Act 1906. In 2014, the Parliamentary process for considering the Insurance Contracts Bill 2014 began. The Bill is a landmark in insurance contract law. While much of the Bill consists of a codification and development of existing principles, there are some significant changes to the current law. For example: the insured’s duty of disclosure will be clarified – with the basic requirement being a fair presentation of the risk; insurers’ rights to avoid in the case of nondisclosure or misrepresentation will be curtailed; warranties will be capable of remedy; and a new regime will be introduced to address fraudulent claims.