INSURANCE ACT 2015 – ARE YOU READY?
The UK Insurance Act 2015 comes into force in August 2016 – but how
many Risk Managers recognise the significant impact on day-to-day
operations?
The Act represents a considerable change in focus and legal requirement:
• Duty of Disclosure (DoD) has been superseded.
• The new requirement of Duty of Fair Presentation (DoFP) demands:
• A demonstrable "reasonable search" has been made to obtain
all relevant and material information prior to presenting this
information to the insurance market.
• Material risk information is specifically highlighted to
underwriters within the presentation.
• Auditable and documented processes are used and evidenced
to an acceptable legal standard.
• The Act applies to all insurance underwritten in the UK – no matter
where the insured is located. US, Asian and European companies
need to be prepared.
FROM AUDIT TRAIL TO DATA PRESENTATION TO UNDERWRITERS –
DO YOU UNDERSTAND THE PRACTICAL IMPLICATIONS
OF THE INSURANCE ACT?
