ABSTRACT
The Insurance Act 2015 applies to all contracts of insurance entered into on or after 12 August 2016. For example, if one insurer in a subscription market agreed to underwrite a risk on 11 August 2016, and four additional underwriters agreed to underwrite the same risk on 12 August 2016, the former contract would be governed by the old law, whereas the latter four contracts would be governed by the Act. It is important to understand when a contract of insurance (or variation) was 'entered into', since only then may one ascertain whether or not it is governed by the Act. A contract is 'entered into' at the moment of agreement between the insured and the insurer. The Insurance Act will apply to any contract of insurance (including reinsurance and retrocession) which is governed by the laws of the constituent parts of the United Kingdom; namely the laws of England and Wales, Scotland or Northern Ireland.
