According to the government's news release,
"When it comes into force, the Limitation Act will set out new limitation periods. There will be a single, two-year limitation period for most civil claims, such as those that involve personal injury. Also, there will be an ultimate limitation period for legal matters that may not be discovered right away, in which case people will have up to 15 years to file most civil lawsuits.
These reforms have been welcomed by many professionals whose work is often exposed to long-term liability risk, such as dentists, engineers, construction professionals and local governments, because setting time limits on how long people have to make the decision to sue can provide businesses and professionals with a greater capacity for long-term planning.
The modernized Limitation Act was the result of extensive research and stakeholder discussion, including a green paper, a white paper, and more than five years of consultations with over 300 individuals, consumer groups, and business, legal and health-care professionals."
For more details, see the Ministry's page on the new Limitation Act.