The insurance rules for U.K. companies may be changed for the first time since 1906 under reforms proposed by the nation’s Law Commission, the Financial Times reported.
The new regulations would make it more difficult for insurers to turn down claims by arguing claimants had failed to disclose information that underwriters might consider relevant, the London-based newspaper reported, citing unidentified people with knowledge of the matter.
The Law Commission, which is responsible for reviewing outdated laws, is expected to announce its proposals next week, according to the newspaper.
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