April 2015

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

As referred to in Comment of the Month in our previous edition, in August 2016 a new commercial insurance act will take effect in the United Kingdom. Insurers will no longer be able to hide behind what have been called arcane and draconian rules enabling them to avoid paying apparently legitimate claims. The Insurance Bill tackles disclosure issues: new rules on warranties will apply and policy conditions will have to be re-written.

The British Insurance Brokers’ Association, BIBA (http://www.biba.org.uk/AboutBIBA.aspx) has published an article on the Insurance Bill for the benefit of all but, of course firstly for insurance brokers, in The BIBA Brokers’ Guide to Key Legal Developments 2014/2015 which also discusses many other newsworthy items.

This article can be accessed here and any questions or comments should be addressed to BIBA’s charming Head of Communications, Leighann Forsyth at forsythl@biba.org.uk