UK Insurance Act 2015 Comes Into Force

UK Insurance Act 2015 Comes Into Force

August 12, 2016, Covington Alert

The Insurance Act, which received Royal Assent and became law in the United Kingdom in February 2015, has now come into force: it applies to all insurance policies entered into on or after August 12, 2016, including renewals, and to all variations to existing policies made on or after that date.

As previously reported, the Act contains the most significant changes to UK insurance law for corporate policyholders for over a century and is intended to improve the coverage position of policyholders. This alert is a reminder of the main features of the Act and reactions to it to date.