The Insurance Act 2015

The Insurance Act 2015 came into force on 12th August 2016. The legislation information can be found at the following link www.legislation.gov.uk.

This Act is widely recognised as the single most important piece of insurance legislation over the past 100 years and it ultimately seeks to set out a more structured framework to help Policyholders make a fair presentation of their risk to insurers, and also to set out the consequences for failure to do so.

The Act has 7 parts which are detailed as follows:

Part 1 – Insurance Contracts: main provisions

Part 2 – Application and Interpretation

Part 3 – The duty of fair presentation

Part 4 – Knowledge of Insured

Part 5 – Knowledge of Insurer

Part 6 – Knowledge: general

Part 7 – Supplementary