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After a long reform process lasting nearly two and a half years, the Lord Chancellor has today finally determined a new personal injury discount rate of minus 0.25% effective from 5 August 2019.
A summary of key developments including the Law Commission’s response to the AV consultation, government plans to regulate the fourth industrial revolution, the extension of the fixed recoverable cost regime, an update on the discount rate in Scotland, insurer reporting provisions and an awaited appeal to decide the extent of an employers’ liability for their employees actions.
The Scottish Government has announced that the Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019 (the Act) will come into force on 1 July 2019, triggering the UK Government Actuary's Department (GAD) to start work assessing a new Scottish rate.
The then-Lord Chancellor’s announcement on 27 February 2017, to reduce the discount rate from 2.5% to minus 0.75%, surprised those representing both claimants and defendants and has led to overcompensation in many cases. Fortunately, the Civil Liability Act 2018, which reforms how the discount rate is set, received Royal Assent on 20 December 2018, and should restore fairer compensation levels.
A summary of key developments, including an update on the Civil Liability Act (whiplash claims and discount rate review), the small claims track, post-implementation review of LASPO, Scottish civil justice reforms, online court modernisation, regulation of claims management companies, the McKenzie Friends consultation and the review of ADR within the civil justice system in England and Wales.
Case review 28/02/2019
The question whether periodical payments by a 'passported' insurer are ‘reasonably secure’ pending the unknown future outcome of Brexit was considered in a recent case. The parties were agreed that the answer was in the affirmative, but the court had to satisfy itself when approving the settlement.
A report on the first International Online Courts Forum held in London in December 2018. The forum was organised by HM Courts & Tribunal Service (HMCTS) and SCL, a charity committed to greater understanding of the impact of IT on law and legal practice.
The road to reform on the personal injury discount rate has been long and winding but Deborah Newberry, our Head of Corporate and Public Affairs, suggests with the strict timetable in the law there is a light at the end of this tunnel.
A summary of key developments including an update on the Civil Liability Act 2018 (whiplash claims and discount rate review), small claims track, LASPO review, regulation of claims management companies, Scottish civil justice reform, online court modernisation, autonomous vehicles, ongoing review of the Motor Insurance Directive and ABI guidance on Green Cards.
Late on 18 December 2018 the Scottish Parliament passed stage 1 of the Damages (Investment Returns and Periodical Payments) (Scotland) Bill (the Bill) in Holyrood.