August 2016 will see huge changes for English insurance and reinsurance law. Three new statutes will come into force, the key dates being 1 and 12 August 2016 and 4 May 2017.
Arguably the most significant of the three is the Insurance Act 2015, which comes into force today, 12 August 2016. It applies to all new contracts of insurance, reinsurance and retrocession, as well as variations to existing contracts made after that date.
The other Acts are Third Parties (Rights against Insurers) Act 2010, in force from 1 August 2016, and the Enterprise Act 2016, in force from 4 May 2017. See Jonathan Sacher’s Guide to Insurance and Reinsurance Law Changes 2016 for the key changes and the impact this will have on insurance and reinsurance business.
For previous related articles please see Insurance Act 2015: Quick Guide - What are the key changes?; Excess Layers - Late Payment Damages: which layer pays the damages? and Are reinsurers affected by the new law on damages for late payment of claims?