The Act came into force on 12 August 2016 for policies beginning or amended on that date and has shifted the balance slightly in favour of an insured. It isn't a codification of the existing law but does introduce new terms and concepts.

The main change is that there is now a duty of "fair presentation" when applying for a policy, this is less of a burden but still requires disclosure of material circumstances or at least sufficient information to put an insurer on notice. The Act prevents data dumping, as the fair presentation of information must be clear and accessible.

You also need to disclose anything that those responsible for your insurance know, including brokers, senior management and any risk managers. A "reasonable search" is required to be undertaken to establish what needs to be disclosed.

Insurers are assumed to have relatively wide knowledge, in particular if they specialise in a particular field. Their remedies are restricted should the duty be breached unless in a "deliberate or reckless" manner, in which case insurers can simply walk away. Their ability to rely on warranty breaches is now subject to some restrictions.

You should make sure you discuss your insurance renewal with your broker in detail.