The Marine Insurance Act (MIA) 1906, the statute which informs all insurance is 100 years old this year. The act is a codification of at least two preceeding centuries of archaic case law. Advances in technology and a radical and exponential change in business culture and practice highlight the need for a law that meets the needs of the modern insurance environment.
Davies Arnold Cooper has been an early advocate for reform of insurance law, believing that change is needed to create a strong, competitive and efficient market and that the London market has a real opportunity to lead and direct this change, not just domestically, but in Europe and beyond. We have written numerous articles highlighting the need for change including 'Winning the war on fraud', Insurance Times, 15 December 2005; 'Law Commission to probe insurance', Insurance Times, 5 January 2006; 'A century not out', Insurance Times, 12 January 2006; and 'Key changes spell harmony', The Lawyer, 27 Febraury 2006.
On January 18 2006 a scoping paper was jointly issued by the Law Commission and the Scottish Law Commission. It aims to identify which areas of insurance contract law present potential difficulties. The paper will open a debate across the UK insurance industry as to whether and how the law should develop; we believe the market can create an opportunity from necessity. Click here for Davies Arnold Cooper's response to the Insurance Law Reform Scoping Paper.
Seminar held in September 2007
Davies Arnold Cooper hosted a seminar on 11 September about Insurance Law Reform at Lloyd's of London. David Hertzell, the new Law Commissioner, delivered the keynote address. Click here for more details.
Who to contact:
Kenneth McKenzie
020 7293 4085
kmckenzie@dac.co.uk
Articles and publications:
UK insurance market in need of global leader
Key changes spell harmony
Davies Arnold Cooper's insurance law reform submission
