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One of the main attractions of the Latin American market to international insurers and reinsurers is the combination of low insurance penetration together with a fast emerging. Read more…
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below to see all jurisdiction answers for them.
What are the sources of insurance and reinsurance law?
How and by whom is the insurance and reinsurance market regulated?
Is a fronting company required by a foreign insurer in order to write insurance?
Must reinsurance be written through a locally incorporated entity? Is it a requirement that reinsurance is written through a locally incorporated reinsurer?
Are conditions, conditions precedent or warranties in insurance and reinsurance contracts recognised and what are the remedies for their breach?
Is the legal concept of the ‘duty of utmost good faith’ recognised and what obligations is an insurer under prior to placement of the insurance?
What are the remedies for breach of this duty by either party?
Does this duty continue to exist following the purchase of insurance (during the operation of the policy)?
Does local law recognise the following clauses in reinsurance contracts?
Who has the burden of proof when a claim is made and does the burden switch from one party to another?
What is the time limit for providing notice to the insurer of an insurance claim under a policy?
Does the same time limit that applies to the insured apply to the intermediary (eg, the broker)?
Is there a time limit within which the insurer must:
If so, what are the consequences of a breach of these time limits?
What are the answers to questions 11 to 14 in a reinsurance context?
Do subrogation rights exist and when do they arise?
Do the parties have freedom of contract as to the choice of applicable law and jurisdiction in an insurance contact?
Are arbitration clauses enforceable in an insurance contract?
Do the parties have freedom of contract as to the choice of applicable law and jurisdiction in a reinsurance contact?
Are arbitration clauses enforceable in a reinsurance contract?
Is mediation compulsory?
What is the court structure and what are the relevant time frames for a decision at first instance and each appeal level?
Is the judiciary specialised in hearing insurance and reinsurance disputes?
How common is arbitration in insurance and reinsurance disputes in your jurisdiction?
Is the concept of a ‘reservation of rights’ valid?
Is the concept of ‘without prejudice’ communications recognised?
Does the loser of a legal action pay the costs of the successful party?
How is interest typically calculated on an insurance claim?
Is monetary correction applied and, if so, how is it calculated?
Are punitive damages available?
Are moral damages available?
What is the role and function of an intermediary in an insurance and reinsurance context?
On whose behalf do intermediaries act for the purpose of arranging insurance or collecting a claim?
Does the doctrine of ‘imputed knowledge’ exist?
When does a claim under an insurance contract become time-barred and from what point does time run for the purposes of calculating the time bar?
When does a claim under a reinsurance contract become time-barred and at what point does time run from for the purposes of calculating this time bar?
In an insurance and reinsurance context, can the limitation period be interrupted or suspended? If so, how?
Is there a standard wording or are there mandatory clauses that must be included in insurance or reinsurance contracts?
Are there any proposals for new insurance or reinsurance law and, if so, when is it anticipated that they will be enacted?
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