Posts Tagged ‘Spain’
Here we highlight recent GC Capital Ideas stories that have focused on casualty lines of business.
Contingent Business Interruption: Life Support for Industry: Traditional insurance products are insufficient to address these increasingly complex challenges. The standard business interruption policy only indemnifies an insured for a reduction in revenue following damage at its own premises. Contingent business interruption is a generic term for extensions to the standard cover that provide for reduction in revenue as a result of damage at locations other than the insured’s own premises, whether it be suppliers or customers. In some cases insurers are providing cover on a “non-damage” basis, which protects against insolvency or political risk among an array of contingencies that might disturb the supply chain.
Criminal Liability of Companies Under Spanish Law: What is the Real Impact on Directors & Officers Coverage? The financial crisis has triggered a number of criminal investigations against companies and their directors. In light of these developments, this section provides an overview of the recently introduced Spanish regulation concerning criminal liability of companies and the real impact this reform will have on directors and officers policies.
Swiss Supreme Court: Scope of Ban on Retroactive Insurance: The current Swiss Insurance Contract Act (Versicherungsvertragsgesetz, VVG) prohibits retroactive insurance. Therefore, an insurance contract is usually void if the risk no longer exists or the feared event has already occurred before the contract is concluded (Article 9 VVG).
Criminal Liability of Companies Under Spanish Law: What is the Real Impact on Directors & Officers Coverage?
The financial crisis has triggered a number of criminal investigations against companies and their directors. In light of these developments, this section provides an overview of the recently introduced Spanish regulation concerning criminal liability of companies and the real impact this reform will have on directors and officers (D&O) policies.
Guy Carpenter issued its semiannual analysis of key European legislative developments affecting the casualty insurance industry. Produced in collaboration with law firm Heuking Kühn Lüer Wojtek and its network of legal experts across Continental Europe, the report, Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, analyzes the most impactful and significant legislative changes and judicial developments across 11 jurisdictions, which include:
Continental European Legislative and Judicial Trends: Auditors’ Liability in Spain, From Unlimited to Limited
The September 2010 issue of this series covered the controversial topic of auditors’ liability, and subsequently the September 2011 issue referred to the Consolidated Text of the Accounts Audit Act of July 1, approved by Royal Legislative Decree 1/2011 (RLD 1/2011), which abrogated the Accounts Audit Act (AAA) then in force. The RLD 1/2011 has been in force since July 3, 2011. The following provides an update to the September 2010 report and expands on the issue.
Guy Carpenter published its semiannual report on key legislative developments in Europe affecting liability insurers and reinsurers. A number of these developments underscore the challenges in adapting local legislation and jurisprudence to European Union (EU) and international law.
Due to a benign catastrophe year and stable capacity, reinsurance rates in Spain generally fell at the January 1, 2012, reinsurance renewal. This comes despite the effects of the European financial situation (especially in Spain) on the primary market. Primary property and casualty (P&C) rates have been fairly stable in Spain - both for personal and commercial risks. The exception was motor, which was flat to down 5 percent in 2011. Industrial risks sustained some significant rate decreases (down 5 percent to 10 percent) for claims-free large policies. Rates were kept stable - as opposed to declining - by the effects of the financial crisis in Europe, low profit margins and the difficulty involved in raising fresh capital.
Conclusion: Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry, Fall 2011
A broad diversity of topics is investigated in our latest update:
Continental European Legislative and Judicial Trends: Supreme Court of Spain Rules on Policyholder’s Duty of Disclosure Prior to Conclusion of Contract
In a decision dated May 10, 2011 ( JUR 2011/194346), the Supreme Court of Spain ruled that a policyholder breached the duty of disclosure prior to the conclusion of a contract, even though the insurer did not submit to the policyholder any questionnaire at the time the policy was initiated. Whether this decision fits into the legal framework of the Spanish Insurance Contract Act is the subject of this article.
Continental European Legislative and Judicial Trends: Spanish Supreme Court Judgment on Simultaneous Payment and Claims Control Clauses
On April 8, 2010, the Spanish Supreme Court handed down an interesting judgment regarding the simultaneous payment and claims control clauses inserted in the particular conditions of a direct insurance policy and in a reinsurance contract, respectively (JUR\2010\123412).