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CII Briefing: Enterprise Act – Implications for Insurance

A briefing summarising key features of the Enterprise Act 2016.

The Enterprise Act received Royal Assent in May 2016. The key features of the Act include:

  • Create a legal obligation for insurers to pay claims to businesses within a reasonable time.
  • Protect and strengthen the apprenticeship brand, introduce targets for apprenticeships in public sector bodies in England, and establish an Institute for Apprenticeships - an independent, employer-led body that will make sure apprenticeships meet the needs of business.
  • Establishment of an independent Small Business Commissioner to help small firms resolve issues such as late payment.
  • Include the actions of regulators in the government's £10 billion deregulation target and increase transparency through annual reporting requirements.

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