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New Insurance Act Coming Soon
A new Act is coming into force in the United Kingdom and will bring the biggest change in insurance law for over 100 years.
The UK Insurance Act 2015 will come into force in August 2016 and will affect insurance contracts subject to English Law. It amends the Marine Insurance Act (MIA) 1906 which has long been the basis of P&I insurance, for UK based P&I Clubs.
The new Act impacts eight of the thirteen International Group P&I Clubs as they are based in the UK and subject to its law. The eight clubs – which include North P&I – have come together to agree on how the new Act should be incorporated into each of their rules.
Details of the approach taken by North and the other IG clubs affected can be found in our Circular: www.nepia.com/news/circulars/the-uk-insurance-act-2015/
