The Insurance Bill was passed unanimously in the House of Commons yesterday and now awaits Royal Assent to become law.
The bill is an update to the Marine Insurance Act of 1906 and the main changes are around duties of disclosure, warranties and remedies for fraudulent claims.
The industry has welcomed the updates which are expected to come into force in autumn 2016, following an 18-month referral period.
Airmic, the association representing UK corporate insurance buyers and risk managers, has u
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