Legal reform considered on insurance non-disclosure

clock

Lawlords are considering a review of insurance contract law to assess whether non-disclosure rules should be tightened in favour of the policyholder and whether the legal onus should be on insurers to "ask questions".

According to a 45-page scoping paper published last week by the English and Scottish Law Commissions, opinions are being sought on a review covering all aspects “the law affecting long-term and general insurance contracts” and payouts in the event of non-disclosure, as officials argue the balance of legal power is tipped firmly in the balance of insurers. More specifically, the Law Commission report suggests some insurers could reject claims on the basis on non-disclosure in situations where the non-disclosure has nothing to do with the actual claim made and raises concerns abou the fact "...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Listen and learn: Protection must change how it communicates

Listen and learn: Protection must change how it communicates

'Maybe it's time we start to make fewer assumptions'

Kevin Carr and Alan Lakey
clock 30 April 2024 • 4 min read
Cognitive biases in advice and the psychology of insurance

Cognitive biases in advice and the psychology of insurance

A look into client decision making and its effects on protection uptake

Jaskeet Briah
clock 25 April 2024 • 5 min read
Aviva completes £460m acquisition of AIG Life after CMA delay

Aviva completes £460m acquisition of AIG Life after CMA delay

'It's disappointing to lose another protection insurer from the market'

Cameron Roberts
clock 10 April 2024 • 2 min read