INSURANCE ACT 2015-Quick reference guide to key provisions and their practical effects for underwriters and claims handlers
Year: 2016 Language: english Author: Harry Wright Genre: Reference book Format: PDF Quality: eBook Pages count: 19 Description: This practical guide has been produced for those involved in underwriting business (i.e. non-consumer) insurance and reinsurance contracts. It summarises some of the key changes to the law contained in the Insurance Act 2015 (“the Act”), which will come into force on 12 August 2016, and further changes introduced by the Enterprise Act 2016, which will come into force on 4 May 2017. This guide is designed to be read in conjunction with the LMA and IUA full guide to the Act, which contains more detailed commentary and explanation, and is available from the LMA website: www.lmalloyds.com/act and the IUA website: www.iua.co.uk/insuranceact. It is very important to emphasise what this guide does and does not set out to do. The “Points to consider” referred to below are designed to inform underwriters of some of the points they may need to consider under the reformed law. They are not, and are not intended to be, prescriptive lists of questions which an underwriter must go through slavishly every time a risk is underwritten. In some (or perhaps many) cases, it will not be necessary to go through all, or even any, of the “Points to consider”. Whether it is necessary will depend upon (amongst other things) the sophistication of the insured; the class of business; and the method of acceptance. Therefore, and for the avoidance of doubt, any failure by an underwriter to go through all or any of the “Points to consider” in respect of a given risk will not mean that the underwriter has failed to underwrite that risk properly and carefully. It should be noted that many of the points below may be relevant and applicable in circumstances where an insurer is buying reinsurance.
Contents
This guide is for use by those involved in business (i.e. non-consumer) insurance.
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INSURANCE ACT 2015-Quick reference guide to key provisions and their practical effects for underwriters and claims handlers.pdf
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INSURANCE ACT 2015-Quick reference guide to key provisions and their practical effects for underwriters and claims handlers
Language: english
Author: Harry Wright
Genre: Reference book
Format: PDF
Quality: eBook
Pages count: 19
Description: This practical guide has been produced for those involved in underwriting business (i.e. non-consumer) insurance and reinsurance contracts. It summarises some of the key changes to the law contained in the Insurance Act 2015 (“the Act”), which will come into force on 12 August 2016, and further changes introduced by the Enterprise Act 2016, which will come into force on 4 May 2017. This guide is designed to be read in conjunction with the LMA and IUA full guide to the Act, which contains more detailed commentary and explanation, and is available from the LMA website: www.lmalloyds.com/act and the IUA website: www.iua.co.uk/insuranceact.
It is very important to emphasise what this guide does and does not set out to do. The “Points to consider” referred to below are designed to inform underwriters of some of the points they may need to consider under the reformed law. They are not, and are not intended to be, prescriptive lists of questions which an underwriter must go through slavishly every time a risk is underwritten.
In some (or perhaps many) cases, it will not be necessary to go through all, or even any, of the “Points to consider”. Whether it is necessary will depend upon (amongst other things) the sophistication of the insured; the class of business; and the method of acceptance. Therefore, and for the avoidance of doubt, any failure by an underwriter to go through all or any of the “Points to consider” in respect of a given risk will not mean that the underwriter has failed to underwrite that risk properly and carefully.
It should be noted that many of the points below may be relevant and applicable in circumstances where an insurer is buying reinsurance.
Contents
This guide is for use by those involved in business (i.e. non-consumer) insurance.Screenshots
INSURANCE ACT 2015-Quick reference guide to key provisions and their practical effects for underwriters and claims handlers.pdf
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