The Consumer Insurance Contracts Act 2019 (the Act) was signed into law on 26 December 2019. Given the current political situation, it is not clear exactly when the Act will be commenced, however it could happen imminently. The Act, which seeks to balance the scales of power as between the insurer and consumer, marks a radical change to consumer law for the insurance industry.
Our team have put together a briefing outlining:
- Rebalancing and similarities with UK changes
- Scope of the Act
- Replacement of principle of “utmost good faith” (uberrima fides)
- Restrictions on turning a statement into a warranty
- Restrictions on ability to refuse cover – remedies for misrepresentation
- Claims handling
- Insurable interest
Subrogation & third-party rights - Other reforms
