Moved by
Baroness Neville-Rolfe
1: After Clause 23, insert the following new Clause—
“Additional time limit for actions for damages for late payment of insurance claims
After section 5 of the Limitation Act 1980 insert—
“5A Additional time limit for actions for damages for late payment of insurance claims
(1) An action in respect of breach of the term implied into a contract of insurance by section 13A of the Insurance Act 2015 (late payment of claims) may not be brought after the expiration of one year from the date on which the insurer has paid all the sums referred to in subsection (1) of that section.
(2) Any payment which extinguishes an insurer’s liability to pay a sum referred to in section 13A of the Insurance Act 2015 is to be treated for the purposes of this section as payment of that sum.””