Related content to Insurance Act 2015
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Our latest thinking into the insurance impacts arising from the ongoing crisis is offered against the Office for National Statistics having confirmed that the UK economy shrank by 20.4% in April, the largest monthly contraction on record.
On 4 May 2017, the Enterprise Act 2016 came into force and amended various sections of the recent Insurance Act 2015.
Case review 22/05/2020
This recent Scottish decision confirms that insureds must provide fair presentation of all material risks prior to the commencement of a policy of insurance to ensure that coverage will be provided and any failure to this will enable an insurer to void the policy.
The Consumer Insurance Contracts Act 2019 was signed into Irish law on 26 December 2019 and we expect it to be commenced by Ministerial Order in the coming months. The Act will have a significant effect on Irish insurers, or indeed any insurers conducting insurance business in Ireland.
Amendment to the Bermuda Monetary Authority’s powers to adjust insurers’ statutory capital and surplus
The Insurance (No. 2) Amendment Act 2019 became operative on 31 December 2019. It supplements provisions in the Insurance Act 1978 regarding the power of the Bermuda Monetary Authority to make, and insurers’ and designated insurers’ right to apply for, adjustments to the enhanced capital requirement, available statutory capital and surplus and available statutory economic capital and surplus of an insurer or insurance group.
Fears that the implementation of an “economic substance” regime in Bermuda might dent its prominent captive industry appear to have been misplaced. If anything, recent developments look set to strengthen rather than undercut Bermuda’s global position in the captive arena.
Bermuda’s economic substance regime has been brought into closer alignment with the regimes implemented by other jurisdictions named in the European Union’s Code of Conduct Group’s call in 2018 for substance laws.
In this briefing we consider some recent decisions addressing issues including establishing the cause of damage to perishable cargo, actionable fault under the York-Antwerp rules, cancellation of seemingly back to back voyage charterparties, the Brillante Virtuoso and duty of fair presentation under the Insurance Act 2015.
Case review 11/12/2019
Brillante Virtuoso - Aden port limits and the application of Best Management Practices for protection against Somali piracy
In October, we reported on Mr Justice Teare’s findings that the Brillante Virtuoso was set on fire on the instructions of owners, and its beneficial owner, Mr Iliopoulos, in a failed attempt to defraud their underwriters.
Case review 06/12/2019
The Insurance Act 2015, which took effect from 12 August 2016, was heralded as a significant change in insurance law. What was expected to follow was a proliferation of litigation as parties fight over the meaning and effect of the new legislation. But, what have we really seen?