The Insurance Bill is back before the Special Public Bill Committee today in the House of Lords, following three sessions of evidence gathering earlier this month.
A number of amendments to the Bill have been tabled for the reading this morning, including one relating to irrelevant warranties and a second to damages for late payment of claims, both of which reflect clauses that were in the Law Commission’s final Bill (but are not in the version before Parliament). It is anticipated that these amendments, along with a number of others that reflect the evidence given, will only be accepted if there is Government support.
The next steps for the Bill are the report stage and a third reading. These mark the concluding stages in the House of Lords, and are expected to take place in January 2015. The Bill will then pass to the House of Commons and, once enacted, will apply to all new and renewed insurance policies from September 2016.
For further information on the Insurance Bill, please click here.
BLM has produced a comprehensive guide to the Insurance Bill which is available here. The “Time for Change” report provides in-depth analysis of the impact of the Bill and discusses steps to take to prepare for its planned commencement in 2015.
Please contact Alistair Kinley, Terry Renouf or John O'Shea if you would like any further details.