Consumer Insurance (Disclosure and Representations) Act 2012
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| Long title | An Act to make provision about disclosure and representations in connection with consumer insurance contracts. |
|---|---|
| Citation | 6 |
| Text of the Consumer Insurance (Disclosure and Representations) Act 2012 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Consumer Insurance (Disclosure and Representations) Act 2012 (c.6)[1] is a UK Act of Parliament that makes important reforms to insurance law.
The Act was a consequence of the Law Commission's millennium review of the law of insurance that has been ongoing since 2006. The review examined insurance in general, and of marine insurance in particular.[2] The new legislation is a response to a consensus that the Marine Insurance Act 1906 is old-fashioned, it no longer represents current practice, and it undermines the continuing dominant position of English Insurance in the global market.[3]
The Act has since been complemented by the Insurance Act 2015; and both of these modern Acts have significantly amended the Marine Insurance Act 1906, particularly in the area of misrepresentation and disclosure.
The Act's provisions
[edit]The Consumer Insurance (Disclosure and Representations) Act 2012 makes provisions as follows:
- Section 1 creates the concept of "consumer" and "non-consumer" insurance contracts..
- Section 2 covers Pre-contractual disclosures and representations to the insurer. The Act imposes a duty upon the insured to take reasonable care not to make a misrepresentation to the insurer.
- Section 3 declares that the Standard of Care is to be determined in the light of all the relevant circumstances.
- Sections 4 defines "qualifying misrepresentations: definitions and remedies".
- Sections 5 defines "qualifying misrepresentations: classification and presumptions".
- Section 6 covers warranties and representations
- Schedule 1 makes provision for Insurers' remedies for qualifying misrepresentations.
- Schedule 2 makes provision for rules determining the status of agents
See also
[edit]Notes
[edit]- ^ The Consumer Insurance (Disclosure and Representations) Act 2012 (c.6)
- ^ http://insurance.dwf.co.uk/news-updates/2015/02/the-insurance-act-2015-is-here…or-almost-here/[permanent dead link]
- ^ "Learning content hub | Chartered Insurance Institute (CII)".
