Enterprise Act 2016: Amendments to the Insurance Act 2015

Written By Louise Glover

Enterprise Act 2016: Amendments to the Insurance Act 2015

“Further to Part 5 of the Enterprise Act 2016 an additional section (s.13A) will be added to the Insurance Act 2015 establishing an implied term in every contract of insurance (and reinsurance) that a claim must be paid within a "reasonable time"; o…

“Further to Part 5 of the Enterprise Act 2016 an additional section (s.13A) will be added to the Insurance Act 2015 establishing an implied term in every contract of insurance (and reinsurance) that a claim must be paid within a "reasonable time"; otherwise, policyholders will be able to claim damages if an insurer's unreasonable delay causes additional losses. The provisions of the Enterprise Act 2016 will come into force on 4th May 2017.”

Vasilis Bikakis
E. G. Arghyrakis & Co.
31st August 2016

Louise Glover
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