Abstract
Insurance law in the United Kingdom (UK) has recently undergone significant reforms. Until 2015, insurance law in the United Kingdom was still largely regulated by the Marine Insurance Act 1906. This meant that a statute created over a hundred years ago was still regulating insurance law. The need for the more recent reforms was evidently dire. The Law Commission undertook an investigation that highlighted the need for new insurance laws. The result was the enactment of the Insurance Act 2015. There are some significant changes in the new Act concerning fraudulent claims, breaches of good faith and the duty of disclosure. The new laws appear to be much more pro-policyholder than was the case in the previous regime. This article undertakes a detailed analysis of these reforms and also presents a comparison with South African laws. The ultimate question is whether South Africa can learn anything from the recent reforms to UK insurance law.
Highlights
Insurance law in the United Kingdom (UK) has recently undergone major reform.[1]
The Act provides that fraudulent claims made by one beneficiary under the policy will not affect the cover provided under the contract to other parties.[76]
South Africa needs clear and concise rules on how insurers should deal with fraudulent claims; the UK has shown the way through the introduction of sections 12 and 13 of the Insurance Act 2015
Summary
Insurance law in the United Kingdom (UK) has recently undergone major reform.[1]. In August 2016, the most significant changes to UK insurance law in over a hundred years came into effect.[2]. The Act introduces key changes to the duty of disclosure in commercial insurance contracts as well as to the consequences for breaches of good faith, and to insurers’ remedies for fraudulent claims.[3] In order to place this statute into perspective and to appreciate how it has changed UK insurance law, a brief historic overview of the UK law is provided. It is necessary to consider the insurance laws applying in Disclosure; Warranties; Insurers’ Remedies for Fraudulent Claims and Late Payment” 29 Tyldesley 2006 64 Amicus Curiae 1−2; see Konsta https://www.clydeco.com/uploads/. Which came into force on 12 August 2016. 34 See Law Commission and the Scottish Law Commission https://www.scotlawcom.gov.uk/
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