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Make sure you are ready for the Insurance Act 2015

In July we joined forces with Insurance Post to bring together a panel of experts to discuss the steps insurers must take before the Act came into force on 12 August 2016. You can get free access to the webinar by registering on the form provided.

Watch this short trailer for a glimpse into the themes discussed by our experts and register to access the full webinar

We have also discussed the Insurance Act from a brokers' perspective, which can be accessed here.

It goes without saying that insurers must comply with the Act. However, what does compliance mean to you and your business?

We have already seen some markets have stated that they will be strictly complying with the terms of the Act, whereas others have committed to going beyond the Act. The first step for all insurers is to decide how they will respond to the Act from a commercial perspective. For example, you should consider:

  • whether you will apply proportionate remedies and, if not, what will you do instead?
  • whether you are prepared to accept a limited presentation and provide a ‘fair presentation guarantee’? If so, what information will you require as a minimum?
  • what will be your approach to contracting out of the Act?
  • will you apply the same approach to all classes of business, or will you apply a differentiated approach?