Posted in Insurance Law

Research Handbook On International Insurance Regulation And Regulation

insurance lawOur international specialists advise insurers, reinsurers, intermediaries, brokers and different financial services firms in this sector on corporate insurance, listings, M&A, regulatory issues, restructuring and insolvency, litigation, capital markets and employment. Double insurance coverage means such insurance coverage whereby an applicant enters into separate insurance coverage contracts with two or extra insurers on the same subject material of insurance, the identical insurable interests and the same insured occasion.

Article 111 Pursuant to the stipulations of the preceding article, within the occasion that an insurance company fails to appropriate the scenario within the prescribed interval, after it has been directed to take action by a decision of rectification of the insurance coverage supervision and control authority, the latter division shall then choose insurance professionals and designate relevant personnel from the insurance coverage company to form a rectification process drive to carry out the rectification work of the said insurance company.

Article fifty four If the age of the insured will not be accurately given by the applicant, and the actual age of the insured doesn’t fall within the age restrict specified by the contract, the insurer may terminate the contract and refund the premiums to the applicant after deducting service cost.… Read More

Posted in Insurance Law

Insurance coverage Legislation Attorneys

insurance lawThe ICLG to: Insurance coverage & Reinsurance Laws and Rules covers common points in insurance and reinsurance laws and regulations – including regulatory authorities and procedures, (re)insurance coverage claims, litigation – overview, litigation – procedure and arbitration – in forty one jurisdictions. Article 50 The insurer might, in accordance with the provisions of law or the phrases of an insurance coverage contract, instantly indemnify a 3rd social gathering for loss or damage brought on him by the insured of a liability insurance coverage contract.

Article 109 The insurance coverage supervision and management authority shall have the authority to examine the business state of affairs, monetary state of affairs and employment of funds scenario of an insurance coverage company, and shall have the authority to request an insurance firm to furnish related written stories and data within a prescribed time frame.

The place the take-over activity power deems that the belongings of the insurance firm taken over are not enough to fulfill its liabilities, the take-over job force may, with the approval of the insurance coverage supervision and control authority, apply to the Individuals’s Court to have the stated insurance company declared bankrupt in accordance with law.

Article 40 The insurable … Read More

Posted in Insurance Law

Protection Info In Insurance Regulation By Daniel Schwarcz

insurance lawThe ICLG to: Insurance coverage & Reinsurance Legal guidelines and Regulations covers widespread issues in insurance and reinsurance legal guidelines and rules – including regulatory authorities and procedures, (re)insurance claims, litigation – overview, litigation – procedure and arbitration – in forty one jurisdictions. The board of supervisors shall train supervision with respect to the solely State-owned insurance coverage company, over matters such as the drawing of reserve funds, the minimal solvency margin, the maintenance of the worth of State owned property, the worth-added State-owned belongings, in addition to over acts of its senior administration personnel in respect of violations of regulation, administrative rules and laws or the articles of affiliation and acts thought of detrimental to the company’s interest.

Article a hundred and ten The place an insurance coverage firm fails to put aside or carry forward numerous reserve funds, or fails to carry out reinsurance in accordance with this Regulation, or seriously violates the provisions of this Regulation governing the employment of funds, the insurance coverage supervision and control authority shall direct the insurance firm to take the next measures for rectification inside a prescribed time period: (1) setting aside or carrying ahead various reserve funds in accordance with … Read More