UK insurance industry may be faced with higher claims due to legal reform

Insurance Industry News

Law Commission proposes changes to 1906 law United Kingdom insurers may be faced with higher claims due to a legal reform coming from Britain’s Law Commission. The commission has announced that a 1906 law which deemed a company’s insurance coverage invalid if they did not voluntarily offer up information when taking out new policies has had unintended side effects in the insurance industry. According to the Law Commission, the law enabled insurance companies to avoid playing claims due to technicalities, a problem that may be changed with upcoming reform. Insurance…

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