Insurance law Research Paper Example | Topics and Well Written Essays - 4250 words - 1

Insurance law - Research Paper Example al law of contract.2 This essay discusses the relevance of the doctrine of utmost good faith in the face of a fast-changing business environment that requires flexibility and equal commitment from all parties to a contract. In order to achieve this, the author provides a background to the topic, and discusses the application of the doctrine in face of both the insurance and contract laws. Stages of the contract process are then interrogated to seek the different and similar requirements that necessitate application of the doctrine. Further, the views of scholars on the doctrine are explored so as to shed light on the apparent controversy that the doctrine has created among researchers and practitioners. The author remarks that the explored literature does not provide a strong basis to warrant a review of the doctrine. Consequently, its applicability in insurance law should remain as it is, even as more modern provisions of law are sought. The U.K. has some of the oldest, formalized insurance laws governing the insurance sector. The law on insurance has been evolving fast over the last century, with major developments intended to rhyme with the evolving geo-political scenes taking centre stage.3 For instance, the Maritime Insurance Act (1906) has recently been overhauled and the Consumer Insurance (Disclosure and Representations) Act (2012) enacted as the industry’s new regulatory framework in order to respond to a growing significance of previously non-existent industries and harmonize the various provisions of the insurance law.4 While different countries have adopted slightly varying versions of the insurance law, the maritime insurance law appears to follow a close-global script. The general script is largely similar to the UK Marine Insurance Act (1906) whose framework has been widely consulted to create equally competent laws for insurance industries in other jurisdictions.5 Perhaps this apparent similari ty in the way different jurisdictions draft their