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Policyholders Gain Right to Damages for Late Payment
May 9, 2016, Covington Alert
On May 4, 2016 the Enterprise Act received the Royal Assent and became law in the UK. Once its relevant provisions come into force on May 4, 2017, it will introduce for the first time into English law a right for policyholders to recover damages for late payment of insurance claims from insurers (Scottish law already recognizes an implied obligation for an insurer to assess a claim reasonably quickly and with diligence).
The new right had been scheduled by the Law Commission for inclusion in the draft legislation that became the Insurance Act 2015. The provisions originally drafted by the Law Commission were amended as a result of pro-insurer pressure during the passage of the Enterprise Bill to add a one-year time limit for policyholders to bring claims.
Regulatory Wild West Mars Surging Cyber Insurance Market
May 10, 2017, Law360
Richard Mattick is quoted in a Law360 article regarding the current state of the cyber insurance market. According to Mattick, "An increasing number of UK insurers are issuing cyber policies, but there is no market standard." He adds, “Because of the novelty and variety of the product, policyholders are worried about what they are buying. There is no specific ...
UK Insurance Lawyers Brace For New Policyholder Powers
May 8, 2017, Law360
Richard Mattick is quoted in a Law360 article examining the UK's newly imposed laws on insurance policyholders, which is expected to lead to increased litigation in the area. According to Mattick, "Lawyers will be recommending that their policyholder clients be as vigilant as possible for delays by insurers and remind insurers of the new law." He further ...
Buffett-AIG deal prompts fears over US insurance
January 23, 2017, Financial Times
Richard Mattick is quoted in a Financial Times article regarding concerns raised about whether claims on insurance policies will be met following the Buffett-AIG deal. According to Mattick, “This deal would merit close monitoring from policyholders to see how claims are handled under the new deal and ensure that policyholders have options for recourse should ...