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Preparing for the Insurance Act 2015

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FAILURE TO COMPLY The potential consequences of non-compliance with the Insurance Act are significant. Insurers will be able to use an insured's inability to prove the right information was originally provided as a secondary line of defence against a claim. In addition: • For non-deliberate or non-reckless breaches of disclosure requirements an insurer may initiate a 'proportional remedy', including cancelling the agreement and repaying premiums, imposing new terms or charging a higher premium from inception. • For reckless, deliberate or negligent non-disclosure the insurer may impose an 'avoidance' remedy, including cancelling the contract, avoiding any claims and retaining any premiums paid. TECHNOLOGY DELIVERS THE ROBUST AUDIT TRAIL THAT UNDERPINS COMPLIANCE.

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