In July 2014, the Law Commission published a report which recommended reforms to the law of disclosure in business insurance, warranties, insurers’ remedies for fraudulent claims, and late payment. The Insurance Act 2015, which received Royal Assent on 12 February 2015, implements the recommended reforms with the exception of those relating to late payment.

It’s important that all of us involved in the insurance industry understand these reforms, which are due to come into force in August 2016. You can click here to read more about them on the Law Commission’s website.