Our international specialists advise insurers, reinsurers, intermediaries, brokers and other monetary companies firms on this sector on company insurance, listings, M&A, regulatory matters, restructuring and insolvency, litigation, capital markets and employment. Article 119 An insurance coverage firm shall submit its enterprise reports, monetary and accounting experiences and associated Statements for the previous yr to the insurance coverage supervision and control authority inside three months after the top of every fiscal year, and publicize such reviews and statements in accordance with legislation.
Where amendments to the insurance contract are made, the insurer shall endorse them within the original coverage or different insurance certificates, or affix an endorsement slip thereto, or have a written agreement of amendment made with the applicant.
Article one hundred The liability borne by an insurance coverage firm for every risk unit, that is, the liability of an insurance company which may arise from the utmost loss or damage attributable to the prevalence of a single insured occasion, shall not exceed 10% of the combined complete of its paid-up capital and its gathered fund.
In accordance with the terms of the contract, the insurer could examine the security circumstances of the subject matter of insurance and, make timely solutions in writing to the applicant or the insured so as to eliminate unsafe elements and latent risks.