British Government Repeals Insurance Records Law

UK Repeals Insurance Records Law

The government has repealed a law that required companies to keep insurance records for 40 years.

The law was originally introduced to ensure that companies did not keep inadequate employee records but it has now become one of the most important avenues for former employees seeking compensation for medical conditions derived from their employment.

In many cases, insurers are the only option for compensation because the companies they insured have either disappeared or have no remaining assets. This would be especially detrimental for people suffering from mesothelioma or other asbestos-related diseases because of the latency between their exposure and the onset of their condition.

The law has already come under criticism by unions, advocacy groups and members of parliament. Two motions were recently introduced arguing against the law and should come up before parliament takes summer recess of July 22.

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