U.K. looks to modernize insurance law

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The U.K.Treasury has announced new reforms that look to force companies to better disclose risk information before purchasing an insurance policy, Reuters reported.

The move will help provide better fixes on handling fraudulent claims.

The new rules, aimed at modernizing commercial insurance laws, also focus on making insurers more flexible with regards to warranty breaches.

Maurice Tulloch, CEO of Aviva P.L.C.'s United Kingdom and Ireland general insurance business, said "the bill is a very welcome development."

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