International Insurance Law - Assignment Example

The fundamentals of insurance law make it applicable to various streams of operations. In the English laws, varied applications of insurance law are considered under the Insurance Act 2015. Section 14(1) of this Act defines insurance law in terms that “Any rule of law permitting a party to a contract of insurance to avoid the contract on the ground that the utmost good faith has not been observed by the other party is abolished”. Considerably, in this context, it is worth mentioning that the insurance law applicable under the mentioned Act has evolved with time and has been changed as deemed appropriate to the current legislative contexts, having an impact on insurance contracts.

In its recent changes, the law commission has been concerned with the applicability of the Act, which now ranges to a more diversified platform of insurance and reinsurance contracts. These reforms have been most visible in relation to the ‘test of materiality of non-disclosure and misrepresentation’, ‘the way of performance of the duty of good faith’, and ‘the remedies assured in compensation to the breach of the duty of good faith’. These changes have further been speculated to impose significant impacts on the industry operations, ranging to various sectors.

Besides imposing effects on the common law approaches, the changes and reforms made in Insurance Act 2015 are also asserted to deliver special focus on Marine Insurance Act (MIA 1906) norms with regard to the stated dimensions.