The ICLG to: Insurance & Reinsurance Laws and Regulations covers frequent points in insurance and reinsurance legal guidelines and laws – together with regulatory authorities and procedures, (re)insurance claims, litigation – overview, litigation – process and arbitration – in 41 jurisdictions. Article 97 To be able to shield the pursuits of the insured, and to make sure their own regular and wholesome operation, insurance companies shall contribute to an insurance coverage safety fund by means of making deductions pursuant to the provisions of the insurance supervision and control authority.
No insurer may concurrently interact in each the enterprise of property insurance and insurance of the particular person; however, an insurance coverage firm engaged in the business of property insurance coverage might, upon approval by the insurance coverage supervision and control authority, function the quick-term enterprise of health insurance and unintentional injury insurance.
Article seventy one The institution of an insurance firm is subject to the approval of the insurance supervision and management authority. If an insurer is discovered to be responsible of fraud or deception, they can be fined either by regulatory bodies, or in a lawsuit by the insured or surrounding social gathering.
Where life insurance contracts and reserve funds, as prescribed in the preceding paragraph, are transferred to or accepted by one other insurance coverage firm designated by the insurance coverage supervision and control authority, the authentic rights and interests of the insured and the beneficiary shall be preserved.
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