7 August 2015
On June 11 the Lloyd's Market Association ("LMA") and the International Underwriting Association ("IUA") published a comprehensive guide to the Insurance Act 2015 (the "Act").
The Act has made significant amendments to insurance and reinsurance contract law in the UK. The Act was passed into law in February of this year and will come into effect on August 12, 2016 after an 18-month transition period has been completed.
The new guide is aimed at managing agents and insurers to help them understand the key changes made to the legislation, the practical differences the changes might make and the possible challenges that may be faced under the new law.
In addition to the comprehensive guide, a series of seminars are being conducted for the benefit of Lloyd's syndicates and London insurers and a "quick-reference guide" is also due to be published in July 2015.
The main guide was shared at the drafting stage with the London & International Insurance Brokers' Association, the British Insurance Brokers' Association and the Association of Insurance and Risk Managers. Kees van der Klugt, Director of Legal and Compliance at the LMA stated "We and the IUA are talking to our counterpart associations on what further work we can do to assist a smooth transition to the new regime and in terms of developing model wordings, and possibly, contract templates for use after August 12, 2016. Our members will be fully involved in the further work."
The main guide is available to download from the LMA's website.