On 4 May 2016 the Enterprise Bill received royal assent and will come into force in May next year.
From an insurance perspective, the Enterprise Act 2016 will have important ramifications, as it introduces amendments to the Insurance Act 2015 allowing for damages to be claimed for the late payment of claims. Cooley’s David Kendall has previously provided a detailed review of these changes to the law here.
The new regime in relation to damages for late payment will apply to insurance contracts (and variations to existing contracts) entered into on or after 4 May 2017.
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