Μεταπτυχιακό Πρόγραμμα Σπουδών Ναυτικού Δικαίου Οι αλλαγές που επέφερε η IA 2015 στο καθεστώς της προσυμβατικής δήλωσης ΕΚΠΑ ΝΟΜΙΚΗΣ Διδάσκοντες Καθηγητές: Δ. Χριστοδούλου Ε. Κινινή Γεωργιάδης Ιωάννης

Insurance Act 2015- The IA 2015 came into force on 12 August 2016 and will apply to policies taken out after that date The insurance Act 2015 (IA 2015) reformed the duty of utmost good faith in business insurance The duty is renamed as the duty to make fair presentation of the risk Principles of the duty to make fair presentation of the risk are applicable to non-marine, marine and reinsurance contracts

Analysis 1. The mere influence test is codified by the IA 2015 – s.8(1) : In order to seek remedy for breach of the duty of fair presentation of the risk the insurer must establish that it was induced to provide cover to the assured as a result of a material non-disclosure or misrepresentation 2. The IA 2015 set out three examples of things that may be material circumstances –s.7(4) : -special or unusual facts relating to the risk -any particular concerns which led the assured to seek insurance cover for the risk -anything which those concerned with the class of insurance and field of activity in question would generally understand as being something that should be dealt with in a fair presentation of risk of the type in question

3. Section 5 introduced a provision explaining knowledge of insurer within the meaning of the exceptions to the duty of disclosure 4. Section 3 (4)(b) imposed a slightly more active role to the insurer than under MIA 1906 : The assured satisfies the duty of disclosure if the disclosure gives the insurer sufficient information to put a prudent insurer on notice that it needs to make further enquiries 5. Remedy for breach of the duty of fair presentation of the risk is not only avoidance of the contract. IA 2015 provides a proportionate remedy for breach of the fair presentation of the risk, if the breach is “qualifying” –s.8 (1). (schedule 1 )

5.1 An insurer may avoid the contract under two circumstances : If a qualifying breach was deliberate or reckless (need not return any of the premiums) If a qualifying breach was neither deliberate nor reckless but, in the absence of the qualifying breach the insurer would not have entered into the contract on any terms (return of premium is required) 6. IA introduced a new regime for contracting out of its sections : If a term of an insurance contract puts a non- consumer assured in a worse position than the IA provides in regard to the assured’s duty of fair presentation of the risk, such a term is enforceable only if the transparency requirements as set out under s. 17 is satisfied.