The year of the Insurance Act

As we enter 2016 the 12th of August will be a date marked in the diaries of insurers and brokers alike, as the implementation date of the Insurance Act 2015.

In reality the preparation for the Act started some time ago in readiness for wording and process changes which will impact policyholders, insurers and insurance brokers.

What’s changing?

The Act will replace certain provisions of the Marine Insurance Act 1906, which had been applied to all commercial policies. The changes are designed to provide a more up-to-date framework for commercial insurance in the UK, with a focus on fairness, transparency and certainty over the rules that govern contracts.

How are Aviva preparing for the Act?

At Aviva we’ve championed these reforms from the start and have worked closely with the Law Commission and consultants such as Mactavish and RWA. We’ve also worked with a number of our brokers to ensure that any changes we implement not only comply with the Act but consider the needs of brokers and their customers.

Work is already well advanced on changes to our products, systems and documentation and our first Insurance Act compliant policies will be available to small business customers early in 2016, and other products will follow suit as we work towards August.


We’ve introduced a ‘Fair presentation of risk guarantee’ for small business placed through on our Fast Trade or iMarket on-line products. This means that we will waive our right to pursue non-disclosure or misrepresentation other than in circumstances where the answer to our questions or assumptions was incorrect or misrepresented. We believe this gives you and the customer peace of mind and allows us to make a quicker and more accurate assessment of your customers’ risk.

We are also pleased to inform you that we’re not changing our TOBA’s as a result of the Insurance Act.

How can we help you get ready for the changes?


But the Insurance Act is not just about the process changes we make, brokers will need to adapt to the Act and the ways in which all insurers do business going forward. Over the last few months we’ve held Insurance Act Masterclasses across the country with RWA and Edwin Coe LLP to help brokers to understand the various elements of the Act and how it could affect their way of working. This will continue to be a key theme at our Regional networking events which take place in February/March.


As we go through 2016 we’ll continue to update you on further developments in line with the Act and provide support to our broker partners as we all enter this revolutionary period in our industry.

If you are a commercial scheme broker, our schemes team will be contacting you shortly to share the specific impacts for your schemes business.

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