ABI promises speedier life insurance payouts
by Gill Montia
Story link: ABI promises speedier life insurance payouts
New guidance from the Association of British Insurers (ABI) should mean people receive life insurance payments more quickly after bereavement. The lengthy legal process associated with winding up a deceased person’s estate has left families typically waiting around four months to receive life insurance payouts. However, working with the Law Commission, the ABI has developed [...]
Insurers support reform of contract law
by Gill Montia
Story link: Insurers support reform of contract law
The Law Commission has reported on responses to its paper on “Damages for Late Payment and the Insurer’s Duty of Good Faith”. The paper asks whether a policyholder should be entitled to damages where the insurer has refused to pay a valid insurance claim, or has paid only after considerable delay. Under ordinary contract law [...]
Law Commission reviews fraudulent claims statute
by Gill Montia
Story link: Law Commission reviews fraudulent claims statute
The Law Commission and Scottish Law Commission, which are conducting a joint review of insurance contract law, are currently considering the insured’s post-contract duty of Good Faith. As insurance contracts are said to be based on mutual duties of good faith, commissioners have been looking at how these duties work after the contract has been [...]
Law Commission acts on duty of disclosure
by Gill Montia
Story link: Law Commission acts on duty of disclosure
The BBC has reported that the Law Commission is reviewing an aspect of insurance contract law that has resulted in huge numbers of claims being rejected over the years. Under the Marine Insurance Act 1906, the consumer has a duty of disclosure when completing an insurance proposal form. However, the Law Commission is dissatisfied because [...]
Insurance law up for review
by Gill Montia
Story link: Insurance law up for review
The Law Commission is dissatisfied with current insurance law, The Daily Telegraph has reported. The independent body, which keeps the law under review and recommends reform where needed, is due to report on insurance law this autumn. According to the newspaper, it will say that current insurance law is unsuited to mass-market consumer insurance policies [...]
