Insurance Act has big implications for employee benefits - Aon

The Act replaces law that has been in place since 1906 and applies to all non-consumer insurance policies that incept, vary or renew on or after 12 August 2016. The Act is designed to create fairer, modern and clearer practices within the UK insurance market. However, there are some significant changes employers need to take note of, for example, in relation to areas such as the ‘duty of fair presentation of a risk', which replaces the duty of disclosure and whose knowledge is relevant. Failure to meet the duty of fair presentation of a risk will vary depending on the reasons for f...