New provisions in the Enterprise Act 2016 ("the Act") which give policyholders a potential right to claim damages in the event of late payment of insurance claims, come into force this week on 4 May. The new law will apply to every contract of insurance entered into after the provisions come into force.
For a full review of the Act and its practical impact for policyholders and (re)insurers, please click here to read our e-bulletin that was published when the Act received royal assent.
Fiona Treanor
Partner, London
Sarah Irons
Knowledge Counsel, London
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