Changes to FCA Rules for Policy Renewals
| 02 Mar 2017
As from 1 April 2017 new rules will apply to Insurers and Intermediaries requiring policyholders to be reminded that they should shop around at each renewal date to ensure that the renewal terms offered continue to meet their needs. Further details available on the Financial Conduct Authority web site.
The Enterprise Act 2016
| 23 May 2016
On 4 May 2016 The Enterprise Bill received Royal Assent to become The Enterprise Act 2016. Among its provisions affecting the handling of insurance claims, will be the addition of an implied term to all insurance policies effected from 4 May 2017 that settlement of valid claims will take place within a reasonable period. For the first time this will allow policyholders to claim damages for claim payments that are unreasonably delayed.
ILAA Claims Review Service
| 11 May 2016
At the Association's recent AGM and Spring Symposium the ILAA Claims Review Service was launched. The service, available to Insurers, Policyholders, Brokers and other intermediaries provides an inexpensive means of resolving disputed or problem non-marine insurance claims. For further details please see www.ilaaclaimsreview.org.uk.
AGM and Spring Symposium
| 26 Mar 2016
Our AGM and Spring Symposium will be held at The Counting House, 50,Cornhill London EC3V 3PD on Tuesday 10 May. The AGM is at 10.30 am with the Symposium commencing at 12 noon. It is free to ILAA members and just £25 for non-members, including a buffet lunch. The principle speakers are James Deacon on "Justice delayed is justice denied", and Harry Roberts on "Business interruption - 2016 a year of change".
Enterprise Bill, 2015
| 09 Nov 2015
Included as Part 5 of the Enterprise Bill, currently being debated in parliament, is a section seeking to amend the Insurance Act, 2015 by allowing damages to be claimed for an unreasonable delay in settlement of insurance claims. This provision was dropped from the original wording of the Insurance Act,2015 in order to secure its swift passage into law.