Annual Insurance Review 2015

Published on 16 January 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.

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