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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.
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 ...
Roundtable: Insurance Act 2015
May 23, 2016, The Law Society Gazette
Alex Leitch, Carlo Kostka, and Richard Mattick participated in a roundtable with The Law Society Gazette regarding the UK Insurance Act 2015. Leitch, pointing at “fair presentation,” a grey area in the new legislation, said a policyholder will want to make sure that they have “discharged the duty of giving a fair presentation of the risk which is going to be ...
UK insurers mandated to process claims quickly
May 22, 2016, Business Insurance
Richard Mattick is quoted in a Business Insurance article regarding the UK Enterprise Act. According to Mattick, the new Act, which updates one element of the Insurance Act 1886 that was left out of the Insurance Act 2015, “remedies a long-standing injustice for insurance policyholders.” It marks the first time that policyholders can seek damages for late ...