In 2016, the Law Commissions issued a draft Insurable Interest Bill for consultation. The draft Bill included provisions related to life insurance and non-life insurance.
In June 2018, the Law Commissions issued an updated draft Insurable Interest Bill for consultation. The updated Bill does not include any revisions to the law that applies to non- life insurance because the Commissions concluded from the responses to the earlier consultation that ‘there was little demand for reform in the area of non-life insurance.
Do you agree, or disagree, that there is no need to reform the law that applies to non-life insurance? Your answer should include a critical analysis of this issue and the reasons why you agree, or why you do not agree.
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