Insurance coverage & Reinsurance 2018

Jun 5, 2023 Insurance Law

insurance lawThe ICLG to: Insurance & Reinsurance Laws and Rules covers frequent points in insurance and reinsurance laws and rules – including regulatory authorities and procedures, (re)insurance claims, litigation – overview, litigation – process and arbitration – in forty one jurisdictions. Article 23 The place a claim for indemnity or payment of insurance benefits is lodged with the insurer after the incidence of the insured occasion, the applicant, the insured or the beneficiary shall, to one of the best of their capacity, present the insurer with evidence and other materials relevant to ascertaining the nature, the trigger and the extent of the loss.

Article 49 The insurer shall bear all needed and affordable bills incurred by the insurer and the insured for the aim of investigating and ascertaining the character and explanation for the occurrence of the insured event, and the extent of loss or injury to the subject material of the insurance coverage.

Article 27 With respect to insurance other than life insurance coverage, the precise of the insured or the beneficiary to assert for indemnity or cost of insurance coverage benefits shall lapse if the insured or the beneficiary fails to train such proper within two years from the date the insured or the beneficiary is aware of the occurrence of the insured occasion.

Article 85 Within the event of division or merger of an insurance firm, or by virtue of the presence of a trigger for its dissolution as stipulated by the corporate’s articles of association, the insurance firm shall be dissolved solely upon the approval of the insurance supervision and management authority.

Article a hundred and fifteen Where an insurance coverage firm violates the provisions of this Law and impairs the general public curiosity of society, by which it’d severely jeopardize or has already jeopardized its solvency, the insurance coverage supervision and control authority could implement a take-over of the mentioned insurance company.