Yet another gripping headline to draw in the reader of this blog … but despite the arcane title and multiple brackets these new regulations are worth knowing about. What they’ll do when implemented is to rectify a barrier to rights of recovery after an insurance policy covering a dissolved, insolvent or otherwise no-longer-existing insured has responded to a third party’s claim. Continue reading
Three words in Hansard – “Question agreed to” – on 13 April signify the approval of the House of Commons to regulations necessary to bring the Third Party (Rights Against Insurers) Act 2010 into effect. There was no debate whatsoever about the substance of these regulations, although there had been some earlier scrutiny (a 25 minute debate) by the Lords back on 22 March.
When the regulations are formally made – the date for which is not yet known – the 2010 Act will finally be in force and make the process of claiming (directly, or by subrogation) against a policy issued to an insolvent or otherwise defunct insured a good deal easier and less costly. The approved text of the draft regulations can be viewed here and we shall offer a more detailed commentary on how the 2010 Act complements the Insurance Act 2015 on our dedicated Insurance Act blog.
About the Author
Alistair Kinley is BLM’s Director of Policy & Government Affairs.
Alistair is responsible for BLM’s engagement with government departments and regulators on policy and public affairs issues and consultations affecting the firm and its customers. He coordinated BLM’s market-facing activities in connection with the Insurance Act 2015 and the consultations which preceded its publication and introduction in Parliament.
He is a member of the Civil Justice Council (CJC), a regular speaker and experienced commentator on legal and procedural reforms and was a contributing editor to the Law Society’s Litigation Funding Handbook (September 2014).