Biba welcomes the Enterprise Act
Association says new law is good news for the industry.
The Enterprise Bill received Royal Assent on 4 May and will be enacted as law in 12 months.
The British Insurance Brokers' Association (Biba) has welcomed the new act, stating it is "good news for the insurance sector and good news for business".
According to the organisation, the new Act creates an addendum to the Insurance Act 2015 which includes the right to sue for damages for the late payment of insurance claims.
It added that the law already provides for damages in respect of damages under
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