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’; see The Law Commission is still analysing comments to the updated draft.
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.