June 17th, 2011

Continental European Legislative and Judicial Trends: Conclusion

Posted at 1:00 AM ET

David Lewin, Managing Director
Contact

The topics covered by our latest update are wide-ranging and indicate the complex diversity of legislative and judicial developments that insurers and reinsurers must keep track of in Continental Europe:

  • The reports from Austria and the Netherlands underline the importance of paying full attention to prescription periods.
  • The reports from Germany and from the EFTA Court in Brussels indicate the dynamism of judicial developments in the light of technological change. Judgments are handed down that set the practical considerations of modern supply networks and information technology against previously understood legal principles of responsibility.
  • We learn that claims-made policies in Italy can still be overturned if the claimant has not actively agreed and counter-signed his understanding of the policy trigger.
  • In Switzerland the new Product Safety Law follows EU principles and in effect creates a more level playing field for EU manufacturers to compete in the Swiss market. The new law simplifies but also heightens product safety requirements and legal liability for maintaining safety standards.
  • We learn of the particular requirements in France that have been developed by the judiciary to ensure objective arbitration standards.

Our inaugural report on Poland provides insight into the development of legal and judicial activity in a recently joined EU member in the post-Communist era, highlighting the changes that are leading to the growth of insurance law.

Finally, we include an interesting insight into the workings of the courts of appeal in Spain and Sweden. Decisions by the Supreme Court of each country have re-stated principles already laid down in other EU territories - an indication, perhaps, that in spite of multifarious underlying practices and standards, the Supreme Courts in EU territories will strive to establish common European Union standards.

Click here to have the rest of this series - and other GC Capital Ideas updates - delivered to your inbox

Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd., which is authorized and regulated by the Financial Services Authority. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product.

Guy Carpenter & Company, LLC provides this report for general information only. The information contained herein is based on sources we believe reliable, but we do not guarantee its accuracy, and it should be understood to be general insurance/reinsurance information only. Guy Carpenter & Company, LLC makes no representations or warranties, express or implied. The information is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.

Readers are cautioned not to place undue reliance on any historical, current or forward-looking statements. Guy Carpenter & Company, LLC undertakes no obligation to update or revise publicly any historical, current or forward-looking statements, whether as a result of new information, research, future events or otherwise.

Statements concerning, tax, accounting, legal or regulatory matters should be understood to be general observations based solely on our experience as reinsurance brokers and risk consultants, and may not be relied upon as tax, accounting, legal or regulatory advice which we are not authorized to provide. All such matters should be reviewed with your own qualified advisors in these areas.

AddThis Feed Button
Bookmark and Share


Related Posts