Insurable Interest - The Law Commissions' Reform Proposals
Following the Consumer Insurance (Disclosure and Representations) Act 2012 and the Insurance Act 2015 the final area of review is the law concerning insurable interest.
The Law Commission and the Scottish Law Commission have recently published an updated draft of the Insurable Interest Bill intended to pull the law of insurable interest into the 21st century.
Insurable interest is the requirement that someone taking out insurance must be at risk of suffering a loss or disadvantage if the insured event occurs. Without insurable interest, an insurance contract is void.
Arguably the current law, some of which dates from 1774, is antiquated and overly restrictive. It prevents insurers from selling economically and socially useful insurance products that people want to buy and the reforms are aimed at making the law more modern and flexible, allowing people to better protect themselves and their families.
The proposals focus on broadening the concept of insurable interest for life insurance and other insurances which relate to human life, such as accident and health cover.
DAC Beachcroft LLP are pleased to offer this opportunity to hear about the proposals directly from the Law Commission and debate the extent of the reforms with Peter Tyldesley of the University of Exeter.
Any comments will be fed directly into the consultation process before the 31 October 2018 deadline.
The speakers at this event will be:
- Mr Stephen Lewis, Law Commissioner for Commercial and Common Law, England and Wales
- Ms Laura Burgoyne, Head of Commercial and Common Law, Law Commission for England and Wales
- Mr Peter Tyldesley, Lecturer in Insurance Law, University of Exeter
- Chair: Stephen Gorman, Consultant, DAC Beachcroft
Please contact our events team to register and for more information.