Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Insurance Act 2015: Fair Presentation, Proportionate Remedies, Warranties, Fraudulent Claims, Contracting Out, TP(RAI)A 2010 and Late Payment Damages (Enterprise Act 2016) — Essentials and Key Cases

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

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Introduction to the Insurance act 2015

The Insurance Act 2015 (ia 2015) was granted Royal assent on 12 February 2015 and, save for Part 6, commenced on 12 August 2016. It marks the most far-reaching overhaul of the statutory framework of English insurance contract law since the Marine Insurance Act 1906 (MIA 1906). This Practice Note examines the principal provisions of IA 2015 and the ways in which they reform the law. It also reviews reforms introduced by the Enterprise Act 2016 (EA 2016), with relevant sections taking effect in May 2017. This Practice Note addresses IA 2015 provisions relating to:

the duty of fair presentation
remedies for a breach of that duty
warranties and other terms
fraudulent claims
amendments to the Third Parties (Rights Against Insurers) Act 2010 (TP(RAI)A 2010)
contracting out
damages for late payment of insurance claims

The IA 2015 reforms concerning the insured’s duties of disclosure and representations derived from MIA 1906, and the law on warranties, apply by default to all non-consumer insurance contracts (including reinsurance contracts). For the purpose of IA 2015, a...

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Oliver Saunders

DLA Piper

Oliver is a Legal Director in DLA Piper's London office. He advises on complex policy coverage and acts in (re)insurance litigation/arbitration disputes, primarily acting for insurers and reinsurers. He has extensive experience advising London market (Lloyd's and company) and international insurers and reinsurers. He has previously undertaken a secondment to a leading Lloyd's Syndicate....

Web page updated on 21/05/2026

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