Insurance Act 2015 in the UK and Lessons for Singapore
25 Pages Posted: 7 Mar 2017
Date Written: May 6, 2016
This article outlines the key changes introduced in the UK Insurance Act 2015 and discusses their potential implications for insurers and the insurance market in Singapore. We recognise that the 2015 Act should help to create a fairer playing field between insurers and the insured. However, new UK law may also affect the pool of English case law available for the interpretation of the Marine Insurance Act in the future. We suggest that it is sensible to distinguish between consumer and business insurance. The former should cater for the local customers, whereas the latter is important for Singapore’s ambition to be a global insurance hub and a dispute resolution centre.
Keywords: insurance contract law, Singapore law, duty of disclosure, utmost good faith, warranty, Insurance Act 2015
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