Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

General Principles definition

What does General Principles mean? In takeover practice, General Principles are the high‑level standards that guide how the Takeover Code (UK) and the Irish Takeover Rules are interpreted and applied in real transactions. They set expectations of commercial behaviour by bidders, target boards and advisers. There are six General Principles, mirroring the general principles in Article 3 of the EU Takeover Directive. In the UK they are contained in the Code notwithstanding Brexit; in Ireland they derive from the Directive and are embedded in the Rules. They are expressed in broad terms and neither the Code nor the Rules defines the precise limits of their...

Insurance Contract Law for Practitioners: Definition, Formation, Disclosure (CIDRA 2012/IA 2015), Policy Terms and Warranties, Interpretation, Claims and Late Payment, Fraud, Subrogation, Contribution and Third-Party Rights

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

What is insurance law?

Insurance law divides into three strands:

insurance Contract law, setting the rules of the bargain between policyholders and insurers
the law of intermediaries, governing insurance arranged via agents (as with the majority of placements)
insurance company law, addressing prudential soundness, integrity and the supervision of insurers

This Practice Note focuses chiefly on insurance contract law. For wider regulatory material, see our ‘regulation of insurance’ subtopic, including Insurance & Reinsurance—regulatory framework—overview and Insurance & Reinsurance—Regulated activities—overview.

Reform of the insurance sector

In January 2006, the Law Commission and the Scottish Law Commission (together, the Law Commissions) began consulting on modernising insurance contract law. Their programme was then separated into three streams:

consumer insurance law reform: pre-contract disclosure and misrepresentation
insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment
insurance contract law reform: insurable interest

Consumer insurance law reform—pre-contract disclosure and misrepresentation

Following the 2006 exercise, a sequence of statements and consultations led to the Law Commissions releasing a draft Bill on consumer insurance contracts in December 2009...

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Web page updated on 21/05/2026

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