The Insurance Act 2015 ("Act") was given Royal Assent in February 2015 and comes into force on 12 August 2016.
It will apply to all new policies (and to some variations of existing policies) entered into after that date. The Act will not have retrospective effect.
The Act is the first major overhaul of business insurance law since the 1906 Marine Insurance Act and the changes will affect all Retail & Consumer businesses. The Act will affect the rights of policyholders/insureds under product liability, D&O, E&O, financial lines, business interruption and cyber insurance policies (to name but a few).
Read our briefing on the changes and how it affects businesses in the sector.