Latest updates

FDI in insurance intermediaries – update
Tuli & Co
  • India
  • 28 July 2020

Despite the relaxation of the foreign investment limits for insurance intermediaries, insurance intermediation remains a regulated activity. In this respect, the Insurance Regulatory Development Authority of India recently issued guidelines on the repatriation of dividends by insurance intermediaries with a majority foreign investment and a circular mandating the submission of an undertaking by insurance intermediaries.

Why business interruption insurance covers only losses resulting from damage to property
AnJie Law Firm
  • China
  • 28 July 2020

The rapid spread of the COVID-19 pandemic has affected business operations worldwide. For many companies, business interruption (BI) as a result of the pandemic is one of the greatest operational risks of 2020. Although many companies are insured against BI, their coverage may not extend as far as they believe. For example, compensation under a BI policy is often based on the condition that damage to property has occurred. This article sheds some light on this rule.

Novel case on data exclusion interpreted in favour of insureds
Theall Group LLP
  • Canada
  • 21 July 2020

An Ontario judge recently interpreted a data exclusion in favour of the insureds, ordering the insurer to defend claims arising out of an alleged website security breach. This case reaffirms the principle that exclusions are to be read narrowly, not broadly. Particularly where the relevant policy provisions engage complex issues not yet judicially considered, the court may err on the side of finding for the insured.

Group insurance in Sweden: general overview and implications of EU legislative acts
Mannheimer Swartling
  • Sweden
  • 21 July 2020

Group insurance is common on the Swedish market as the simplified risk assessment and low-cost administration enables relatively inexpensive cover for a wide range of situations. Despite its frequency on the market, it is sometimes difficult to apply the legal provisions regulating group insurance in practice. In addition, the enactment and implementation of several EU legislative acts have raised a number of issues that must also be considered.

Implementing non-damage business interruption cover in the time of COVID-19
Zemberis, Markezinis, Lambrou & Associates
  • Greece
  • 14 July 2020

Few industries have been as fiercely affected by the COVID-19 pandemic as travel and hospitality. Even when hotels are allowed to operate, mass cancellations have, until now, shattered hoteliers' hopes for recovery. Greece boasts a large hospitality infrastructure. Although only 28% of hotels seem to have adequate property insurance, an increasing number of resorts and properties owned or operated by risk-aware companies are purchasing select cover designed specifically for the sector.

Insurance premium tax: Federal Ministry of Finance issues guidelines on determination of policyholders
Arnecke Sibeth Dabelstein
  • Germany
  • 07 July 2020

The Federal Ministry of Finance recently issued guidelines on the determination of policyholders who are persons of relevance for insurance premium tax (IPT) as their registered office in Germany might trigger IPT. These guidelines are especially relevant for vessel and aircraft insurance and English-language policies.

Can foreign investors capitalise on insurtech's growth in China?
AnJie Law Firm
  • China
  • 30 June 2020

It is no secret that China's insurance industry presents good upside growth opportunities and China's insurtech market continues to grow rapidly. Foreign insurers are currently underrepresented in this market, even as former market barriers to entry continue to fall. This market presents great potential for foreign insurers, and Western insurers in particular have centuries of experience to share with their Chinese counterparts.

Putting out fires: hot work and insurance coverage for fire damage
WSCO Advokatpartnerselskab
  • Denmark
  • 30 June 2020

The execution of 'hot work' (ie, work which carries the risk of fire) often results in fires. Therefore, anyone who executes or arranges for the execution of hot work should be aware of how damages and possible liability for damages can be avoided. Hot work insurance policies should also be thoroughly examined. This article highlights the rules that craftspeople, contractors and clients must consider before and during the execution of hot work, as well as the associated liability issues.

Insurance class actions due to COVID-19 pandemic
Levitan, Sharon & Co
  • Israel
  • 30 June 2020

Has the COVID-19 pandemic led to the filing of insurance class actions which are typical of such crises? This article discusses class actions relating to motor, business and apartment insurance based on the allegation that the insureds paid monies (eg, premiums) for a period during which they did not enjoy any or full consideration for these payments.

Are the effects of the COVID-19 pandemic insured? Ombudsman commissions legal expert's opinion
Badertscher Attorneys at Law
  • Switzerland
  • 30 June 2020

After spreading from Wuhan to Switzerland in less than three months, the COVID-19 crisis is creating major challenges for Swiss insurers, particularly with regard to whether insurance coverage for the effects of an epidemic also apply to a pandemic. The Swiss Ombudsman of Private Insurance recently commissioned Law Professor Dr Walter Fellmann to issue a legal opinion regarding selected epidemic insurance wordings. This article discusses the conclusions of Fellmann's legal opinion.

Smooth sailing? Jurisdiction agreements in yacht insurance contracts
WSCO Advokatpartnerselskab
  • Denmark
  • 23 June 2020

A new ruling determines that prorogation of jurisdiction can be validly agreed in a yacht insurance contract, even where consumer interests are concerned and the contract requires that legal proceedings be brought in a court in the insurer's home country. Pursuant to the ruling, a private policyholder who is an EU citizen and purchases boat insurance in another EU country is bound by the jurisdiction agreement in the insurance contract.

Federal Court of Justice rules on policyholder's insolvency under D&O insurance policy
Arnecke Sibeth Dabelstein
  • Germany
  • 16 June 2020

The Federal Court of Justice recently examined the consequences of a policyholder's insolvency under a directors' and officers' (D&O) insurance policy. The ruling has clarified that the insured person's rights under a D&O insurance policy remain the same irrespective of the policyholder's insolvency. As a policyholder's insolvency often leads to liability claims against the (former) management, such situation is one of the most important matters for D&O insurance policies to cover.

Indemnity to be awarded on reinstatement basis for damaged property which had not been reinstated
Herbert Smith Freehills LLP
  • United Kingdom
  • 09 June 2020

The Court of Appeal recently confirmed that the reinstatement basis was the appropriate measure of indemnity for property severely damaged by fire which had not been reinstated. The court held that an insured need not show that it had a genuine, fixed and settled intention to reinstate in order to recover for damaged property on a reinstatement basis of indemnity.

Claims-made clauses: an end to uncertainty?
DLA Piper
  • Italy
  • 09 June 2020

The Court of Cassation recently set out a number of important points on claims-made clauses, reaffirming that, among other things, the liability insurance loss occurrence scheme is not binding pursuant to Article 1932 of the Civil Code. Thus, it can be derogated from by parties, which are free to opt for the claims scheme model by including pure or mixed clauses in insurance contracts.

COVID-19 Weekly Report (18-24 May 2020)
International Law Office
  • International
  • 25 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

Business interruption insurance resulting from COVID-19 pandemic: what your policy may cover
Theall Group LLP
  • Canada
  • 19 May 2020

In the fight against the COVID-19 pandemic, businesses are closing or restricting their operations across Canada. It is clear is that these measures, although necessary to protect public health, are causing lost revenue and increased expenses. This article provides information on business interruption insurance (BII), which is a common type of commercial property insurance. For many insureds, BII is the coverage most likely to respond to losses resulting from restrictions imposed to fight COVID-19.

COVID-19 Weekly Report (11-17 May 2020)
International Law Office
  • International
  • 18 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

Non-payment of insurance premium – legal consequences during COVID-19 pandemic
Arnecke Sibeth Dabelstein
  • Germany
  • 12 May 2020

In response to the COVID-19 pandemic, Parliament recently passed an act whereby insurers, under certain circumstances, despite non-payment of an insurance premium, are temporarily prohibited from either terminating the insurance contract or refusing cover. Further, the act grants consumers and micro-enterprises a temporary right to refuse performance in the context of contracts for essential continuing obligations, including insurance contracts.

Supreme Administrative Court rules on classification of insurance-based investment products
Mannheimer Swartling
  • Sweden
  • 12 May 2020

In early 2019 the Council for Advance Tax Rulings declared that a unit-linked insurance plan where the beneficiary was entitled to 99% of the policy value on the realisation of the insured risk, without receiving any risk compensation from the insurer, did not constitute an insurance product. The case was recently appealed to the Supreme Administrative Court. This article analyses the case and provides an overview of Swedish insurance-based investment products regulation and the previous case law.

COVID-19 Weekly Report (4-10 May 2020)
International Law Office
  • International
  • 11 May 2020

The impact of COVID-19 is being felt in almost every work area across the globe. In order to keep readers abreast of this evolving situation, ILO's COVID-19 Weekly Report provides insight into the major legal developments of the past seven days, as well as a round-up of our panel of experienced international legal commentators' legislative and regulatory guidance.

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