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Insurance Law Reform by Degrees: Late Payment and Insurable Interest
Author(s) -
ArnoldDwyer Franziska
Publication year - 2017
Publication title -
the modern law review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.37
H-Index - 22
eISSN - 1468-2230
pISSN - 0026-7961
DOI - 10.1111/1468-2230.12267
Subject(s) - statutory law , commission , insurance law , payment , business , law reform , law , doctrine , legislature , insurance policy , actuarial science , general insurance , political science , finance
Over the last 11 years, the Law Commission and the Scottish Law Commission have worked on a joint project to modernise the law of insurance contracts. Due to the size of the project, the Law Commissions proceeded in phases and separated out specific issues for legislative reform. Their proposals have already resulted in the Consumer Insurance (Disclosure and Representations) Act 2012 and the Insurance Act 2015 which brought about significant changes for consumer and non‐consumer insureds and insurers alike. This paper examines two further areas of reform: the introduction of an implied term about payment of insurance claims by insurers within a reasonable time and a statutory restatement of the doctrine of insurable interest. It considers the old and new substantive law and provides an insight into the reform process.