We previously reported on the Law Commission and Scottish Law Commissions’ (the Commissions
) review of insurance contract law and the draft Insurance Contracts Bill (the Bill
) published in May 2014 (see our blog here
). The Commissions have published a further draft of the Bill and draft Explanatory Notes which will accompany the Bill if and when the Bill is enacted (to view the Bill click here
and to view the draft Explanatory Notes click here
). The Commissions have announced that much of the Bill should be regarded as settled with the exception of clause 11 (terms relevant to particular descriptions of loss) and clause 14 (implied term about payment), which are still the subject of debate with stakeholders.
The Commissions remain hopeful that the Bill’s passage through Parliament will be suitable for the new ‘streamlined’ procedure for Law Commission Bills which have a broad consensus of support in Parliament, particularly in light of the current short Parliamentary session which ends on 30 March 2015.
We will report further on the Bill as it progresses.