The UK Insurance Act 2015 (5.535)

This circular updates members on London P&I’s position ahead of the UK Insurance Act 2015 coming into force on 12 August 2016.

It explains the agreed approach adopted by the eight affected International Group clubs, including the decision to contract out of the new implied term on claim reimbursement within a reasonable time, while preserving members’ protection where an insurer deliberately or recklessly delays payment.