The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks. Operating an insurance business or concluding an insurance agreement represents selling, respectively buying a promise – a promise of covering claims or losses in case of risk occurrence.
Insurance market developments is heading towards the concept of InsurTech, whereby new technologies may be used for selling insurance products, as insurance consumers expect digital experiences in every interaction in their lives, including their interactions with insurers.
For both InsurTech or traditional insurance market players, our legal assistance includes:
legal advice in the process of authorization of insurance companies and insurance intermediaries, as well as their branches, by drafting relevant documentation and preparing the file;
legal opinions on compliance of the business plan with insurance law in view of obtaining the authorization, including on innovative insurance products/ digital insurers;
assistance in the process of extending the insurance products’ classes uncovered by the initial functioning authorization;
assistance and representation in front of the Financial Supervision Authority in the authorization process, by preparing briefing notes, information reports and responses to authority’s requests;
legal opinions on technological innovation in insurance/ InsurTech matters - legal challenges and risks related to the deployment of technology in insurance-related transactions and processes, under Financial Supervision Authority surveillance;
legal opinions on matters related to insurance company’s/ insurance intermediary’s functioning and supervision by the Financial Supervision Authority;
drafting insurance agreements, insurance general terms and conditions, special terms and conditions, insurance policy, appendixes to insurance agreement;
assistance in recourse actions.
Whilst companies face the need to insure against hacking and cyber theft, cyber-security insurance contracts are to supplement traditional insurance agreements/ insurance policies. Having a suitable insurance agreement in place is all the more important as data privacy regulations impose enhanced responsibilities over the collection and storage of personal data.
Our legal assistance includes:
legal advice in the process of contracting an insurance policy, assistance in the negotiation process with the insurer/ insurance intermediary;
assistance in settlement of specific issues arising from the performance of insurance agreements and of contracts concluded between insurers and insurance intermediaries.
Risk occurrence give rise to compensation rights, and we advise on various related aspects, such as:
legal assistance on contractual clauses of the insurance agreement relevant for claiming compensation, including review of the policy, coverage’s determination;
drafting various documents, such as those related to the loss, claims.