Insurance and Reinsurance Country Q&A tool

Resource type: Articles: know-how

Status: Law stated as at 01-Jan-2012

Jurisdictions: Argentina, Australia, Austria, Belgium, Brazil, British Virgin Islands, Canada, China, France, Germany, India, International, Ireland, Italy, Japan, Mexico, South Africa, Sweden, Switzerland, USA, United Arab Emirates, United Kingdom

This tool enables subscribers to search the Country Q&A in the Insurance and Reinsurance multi jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button.

Choose your questions - Select all/De-select all

1. What have been the main trends in the insurance and reinsurance markets?

2. What is the regulatory framework for insurance/reinsurance activities?

3. What is a contract of insurance for the purposes of the law and regulation?

4. Are all contracts of insurance/reinsurance regulated?

5. What form of corporate organisation can insurers take?

6. Are all insurers and reinsurers regulated?

7. Can insurers or reinsurers carry on non-insurance business?

8. Are there any restrictions on, or requirements relating to, the transfer of risk?

9. Must the entity or person be authorised or licensed?

10. What are the main exemptions or exclusions from authorisation or licensing?

11. Are there any restrictions on ownership or control?

12. Must owners or controllers be pre-approved by or notified to the relevant authorities?

13. What are the key ongoing requirements with which the authorised or licensed entity must comply?

14. What are the possible consequences of an entity failing to comply with legal and regulatory requirements?

15. Are there any restrictions on the persons to whom insurance/reinsurance services and contracts can be marketed or sold?

16. To what extent can/must a reinsurance company monitor the claims, settlements and underwriting of the cedant company?

17. What disclosure/notification obligations does the cedant company have to the reinsurance company?

18. What are the main content requirements/commonly found clauses for insurance policies?

19. Is facultative or treaty reinsurance more common and what are the most commonly found clauses?

20. Are there any terms that are implied by law or regulation?

21. What customer protections are generally included in insurance policies?

22. What are the main standard policies or terms produced by trade associations or relevant authorities?

23. What must be established to trigger a claim under an insurance policy?

24. What are the circumstances in which third parties can claim under an insurance policy?

25. Is there a time limit outside of which the insured/reinsured is barred from making a claim?

26. Can the original policyholder or other third party enforce the reinsurance contract against a reinsurer?

27. What remedies are available for breach of an insurance policy?

28. Are punitive damages insurable in your jurisdiction and can they be reinsured?

29. What is the regulatory framework for dealing with distressed or insolvent insurers or reinsurers, and what protections are there for policyholders?

30. Can excess coverage "drop down" to provide coverage at levels concerning which the existing coverage is insolvent?

31. Is a right to set-off mutual debts and credits recognised in an insolvency proceeding involving an insurer or reinsurer?

32. What is the tax treatment for insurers, reinsurers, and other persons or entities providing insurance and reinsurance-related services?

33. Are there special procedures or venues for dealing with insurance or reinsurance complaints or disputes?

34. Are arbitration clauses in insurance and reinsurance agreements enforceable?

35. Are choice of forum, venue and applicable law clauses recognised and enforced?

36. What proposals are there for reform?

Choose your jurisdictions - Select all/De-select all

Market trends and regulatory framework

1. What have been the main trends in the insurance and reinsurance markets over the last 12 months?

2. What is the regulatory framework for insurance/reinsurance activities?

Top

Regulation of insurance and reinsurance contracts

3. What is a contract of insurance for the purposes of the law and regulation? How does it differ from a contract of reinsurance?

4. Are all contracts of insurance/reinsurance regulated?

Top

Corporate structure

5. What form of corporate organisation can insurers take in your jurisdiction?

Regulation of insurers and reinsurers

6. Are all insurers and reinsurers regulated in your jurisdiction? Are they all regulated in the same way?

7. Can insurers or reinsurers carry on non-insurance business? Are there any restrictions on their business activities?

8. Are there any statutory limits or other restrictions on, or requirements relating to, the transfer of risk by insurance or insurance companies?

Top

Operating restrictions

Authorisation or licensing

9. Does the entity or person have to be authorised or licensed in your jurisdiction?

10. What are the main exemptions from authorisation or licensing that are available?

Restrictions on ownership or control

11. Are there any restrictions on the ownership or control of insurance-related entities?

12. Must owners or controllers be pre-approved by or notified to the relevant authorities before talking, increasing or reducing their control or ownership of the entity?

Ongoing requirements for the authorised or licensed entity

13. What are the key ongoing requirements with which the authorised or licensed entity must comply?

Penalties for non-compliance with legal and regulatory requirements

14. What are the possible consequences of an entity failing to comply with applicable legal and regulatory requirements? What recourse do policyholders have if they have done business with a non-approved entity?

Restrictions on persons to whom services can be marketed or sold

15. Are there any restrictions on the persons to whom insurance/reinsurance services and contracts can be marketed or sold?

Top

Reinsurance monitoring and disclosure requirements

16. To what extent can/must a reinsurance company monitor the claims, settlements and underwriting of the cedant company?

17. What disclosure/notification obligations does the cedant company have to the reinsurance company?

Top

Insurance and reinsurance policies

Content requirements and commonly found clauses

18. What are the main general form and content requirements for insurance policies? What are the most commonly found clauses?

19. Is facultative or treaty reinsurance more common? What are the most commonly found clauses in reinsurance policies?

Implied terms

20. Are there any terms that are implied by law or regulation (even if not included in the insurance or reinsurance contract)?

Customer protections

21. What customer protections are generally included in insurance policies to supplement relief available under general law?

Standard policies or terms

22. What are the main standard policies or terms produced by trade associations or relevant authorities?

Insurance and reinsurance policy claims

Establishing an insurance claim

23. What must be established to trigger a claim under an insurance policy?

Third party insurance claims

24. What are the circumstances in which third parties can claim under an insurance policy?

Time limits

25. Is there a time limit outside of which the insured/reinsured is barred from making a claim?

Enforcement

26. Can the original policyholder or other third party enforce the reinsurance contract against a reinsurer?

Remedies

27. What remedies are available for breach of an insurance policy?

Punitive damage claims

28. Are punitive damages insurable in your jurisdiction? Can punitive damages be reinsured if they are covered by an underlying policy?

Top

Insolvency of insurance and reinsurance providers

29. What is the regulatory framework for dealing with distressed or insolvent insurance or reinsurance companies, or other persons or entities providing insurance or reinsurance related services? What regulatory and/or other protections exist for policyholders if the insurance company is insolvent?

30. Can excess coverage "drop down" to provide coverage at levels concerning which the existing coverage is insolvent?

31. Is a right to set-off mutual debts and credits recognised in an insolvency proceeding involving an insurer or reinsurer?

Top

Taxation of insurance and reinsurance providers

32. What is the tax treatment for insurers, reinsurers, and other persons or entities providing insurance and reinsurance-related services?

Top

Insurance and reinsurance dispute resolution

33. Are there special procedures or venues for dealing with insurance or reinsurance complaints or disputes?

34. Are arbitration clauses in insurance and reinsurance agreements enforceable?

35. Are choice of forum, venue and applicable law clauses in an insurance or reinsurance contract recognised and enforced in your jurisdiction?

Top

Reform

36. What proposals are there for reform of the law, regulation or rules in your jurisdiction relating to the provision or insurance or reinsurance services?

Actions

Resource information

Show resource details Hide resource details

Resource ID: 4-501-3670
Law stated date: 01-Jan-2012
Products: Insurance and Reinsurance multi-jurisdictional guide, PLC Cross-border, PLC UK Corporate, PLC UK Law Department, PLC US Commercial, PLC US Finance, PLC US Law Department

Ask a question