General principles of insurance contract law


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert
Practice notes
In-house

General principles of insurance contract law


Published by a ÀÏ˾»úÎçÒ¹¸£Àû Insurance & Reinsurance expert

Practice notes
In-house
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What is insurance law?

Insurance law can be split into three parts:

  1. •

    insurance Contract law which governs the contractual relationship between insureds and insurers

  2. •

    the law of intermediaries which regulates insurance business which is transacted through agents (this is true for most insurance business)

  3. •

    insurance company law which is concerned with the financial soundness, probity and regulation of insurance companies

This Practice Note largely deals with insurance contract law. For more information on insurance regulation, 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 Scottish Law Commission (together the Law Commissions) started consulting on reforming insurance contract law. Following the consultation, the Law Commissions’ work was broken into three sub-projects:

  1. •

    consumer insurance law reform: pre-contract disclosure and misrepresentation

  2. •

    insurance contract law reform: business disclosure, warranties, insurers’ remedies for fraudulent claims, and late payment

  3. •

    insurance contract law reform: insurable interest

Consumer insurance law reform—pre-contract disclosure and misrepresentation

After the

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United Kingdom
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Key definition:
General Principles definition
What does General Principles mean?

The Code is based upon six General Principles, essentially statements of standards of commercial behaviour. These General Principles are the same as the general principles set out in Article 3 of the takeover Directive. They are expressed in broad general terms and the Code does not define the precise extent of, or the limitations on, their application. They are applied in accordance with their spirit in order to achieve their underlying purpose.

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