Update on the Enterprise Bill’s Committee Stage

During a short debate on Monday 2 November, the House of Lords discussed (in Grand Committee) the clauses in the Bill that would introduce the remedy of damages for late payment of insurance claims. The Minister, Baroness Neville-Rolfe, noted that these provisions in the Bill would “rectify a gap in the legal regime and encourage responsible payment, for the benefit of policyholders and the perception of the market. These arguments apply for all insurance contracts, including reinsurance, which are treated by the law in the same way as all other non-consumer insurance contracts.”

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