01○ NEWS
Singapore may reform insurance law to align with UK's proportionate remedies for non-disclosure.
Current Singapore law allows insurers to avoid policies ab initio for material non-disclosure, whereas the UK Insurance Act 2015 provides proportionate remedies. A Law Reform Committee subcommittee has proposed shifting toward the UK model, including varied remedies based on whether non-disclosure was deliberate or negligent.
Why it mattersLawyers should monitor potential legislative changes that would replace the current draconian remedy of avoidance with a more nuanced, proportionate framework.
SLW
READ SOURCE ↗