Insurance update - Enterprise Act

Insurance Update - Enterprise Act

On 4th May 2016, the Enterprise Act 2016 was passed. This new legislation provides policyholders with a potential right to claim for damages due to late payment of claims by an insurer. The legislation is effective 4th May 2017 and will apply to all insurance policies placed or renewed on or after that date, if the policy is subject to the laws of the UK. The provisions are effectively an amendment to the Insurance Act 2015 (please refer to our prior guidance on the Insurance Act).