The Insurance Act 2015 is a major piece of legislation that affects many aspects of the insurance industry in the United Kingdom. It was introduced in April 2015 and came into full effect on August 12th 2015. It is a comprehensive piece of legislation that affects the whole industry, from insurers to brokers and consumers.
What Does the Insurance Act 2015 Do?
The Insurance Act 2015 sets out a number of key changes that affect the way in which insurers and brokers operate. It is designed to protect consumers by ensuring that insurers and brokers act in a fair and transparent manner. The Act also makes sure that insurers are able to access the most appropriate and affordable policy for their customers.
Key Changes to Insurance
The Insurance Act 2015 introduces a number of key changes to insurance. These include:
- The act sets out a duty of disclosure, which requires insurers and brokers to provide customers with all relevant information before they purchase a policy.
- The act also introduces a duty of utmost good faith, which requires insurers and brokers to behave honestly and fairly when dealing with their customers.
- The act also sets out a duty of fair presentation, which requires insurers to ensure that the information provided to customers is accurate and complete.
- The act also requires insurers to provide customers with clear and concise terms and conditions.
- The act also requires insurers and brokers to provide customers with a complaint handling procedure.
- The act also sets out a number of measures to protect customers from unfair and excessive fees.
How Does the Insurance Act 2015 Affect Consumers?
The Insurance Act 2015 has a number of implications for consumers. It is designed to ensure that customers are aware of the cover they are purchasing and that they are treated fairly when they make a claim. The act also ensures that customers are not charged unfair or excessive fees. As a result, customers are more likely to receive fair treatment from insurers and brokers.
Conclusion
The Insurance Act 2015 is a comprehensive piece of legislation that affects the whole insurance industry. It sets out a number of key changes that have implications for insurers, brokers and consumers alike. The act is designed to ensure that customers are treated fairly and that they receive the most appropriate and affordable cover for their needs.