The Insurance Act in practice - Searchlight Insurance Training

The Insurance Act in practice

This half day workshop is designed for staff and executives of insurers and brokers who wish to gain a better appreciation of how this legislation has changed insurance practice and wordings, and what still needs to be done.

This legislation was the biggest change in insurance law for over one hundred years and fundamentally altered the law on placements and wordings. After the first few months of implementation the issues from the practical application of the act are emerging. Insurers and brokers have reviewed their processes, policy wordings have been amended, clients have grappled with the need to improve information gathering processes – but what has actually changed?

This workshop provides an overview of the changes introduced by the Act, how business processes and policy wordings changed and how compliance with the Act has worked in practice.

Level: N/A

Duration: 0.5 day(s) CII CPD Hours: 3
     

WORKSHOP OBJECTIVES

By the end of this workshop delegates will be able to:

  • State the main features of the Act and explain how these have been applied in practice
  • Identify the different approaches adopted by insurers to the Act, including wording variations
  • Consider how insurers’ information requirements have changed

WORKSHOP CONTENTS

Review of the Act, including changes to the Insurance Act made by the Enterprise Act 2016

What guidance insurers have provided on disclosure requirements?

  • Revised information requirements – different approaches taken by insurers
  • E-trading requirements

How has the need for a fair presentation changed broking presentations?

  • How clients have responded
  • How does a reasonable search work in practice

New policy wordings and the variations in insurers’ approaches to compliance with the Act

  • Brokers responsibilities to compare wordings and advise clients
  • Contracting out