AXA's approach to the Insurance Act - A guide for brokers

The Insurance Act received Royal Assent on 12 February 2015 and will be effective in respect of all non-consumer insurance policies in the United Kingdom that are incepted, renewed or varied from 12 August 2016. The purpose of the Act is to update the statutory framework in line with best practice in the modern UK insurance market.

A key area brought about by the Act is the new duty of fair presentation. We set out how we intend to assist customers with this aspect and we are working on a further document (to be available shortly) that will provide more detail on underwriting matters that may be relevant to this new duty.

This ten page broker guide sets out how AXA intends to incorporate the provisions of the Insurance Act 2015 into its commercial insurance contracts and outlines what further help and support will be available from AXA.

Topics covered:
• How AXA is implementing the Act in its insurance contracts.
• Changes to policy wordings.
• Fair presentation of risk.
• Claims handling approach.
• Summary of approach/Q&A.