Relaxation of insurance duties

The Government seems determined to push ahead with removing the obligation for insurance details to be retained.

This will inevitably result in increased difficulties for asbestos victims as if an employer has ceased trading it is only usually possible to obtain financial compensation if the insurer and insurance policy can be located.

At present there is a duty on companies to retain insurance details for at least 40 years. The Government is proposing to repeal this requirement. Why? We are told it is both because there is not a financial penalty for failing to keep insurance documents and also to reduce 'administrative burdens' on business.

The requirement to keep insurance documents for at least 40 years will be repealed in October. While it is not too late for the Government to change its mind there is no indication that the fears of representatives of asbestos victims have been seriously considered.

Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.

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