Insurance and Reinsurance Country Q&A tool

Search the Country Q&A in the Insurance and Reinsurance Global Guide by question and jurisdiction.

Step 1: Check the boxes to select the questions and the jurisdictions for comparison.
Step 2: Click the "submit" button.
Step 3: Scroll down to view answers and check law stated dates for each jurisdiction.

Choose your questions - Select all/De-select all

Choose your jurisdictions - Select all/De-select all

Market trends and regulatory framework

1. What were the main trends in the insurance and reinsurance markets over the last 12 months?
2. What is the regulatory framework for insurance/reinsurance activities?

Regulation of insurance and reinsurance contracts

3. What is a contract of insurance for the purposes of the law and regulation? How does it differ from a contract of reinsurance?
4. Are all contracts of insurance/reinsurance regulated?

Corporate structure

5. What form of corporate organisation can insurers take?

Regulation of insurers and reinsurers

6. Are all insurers and reinsurers regulated? Are they all regulated in the same way?
7. Can insurers and reinsurers carry on non-insurance business? Are there any restrictions on their business activities?
8. Are there any statutory limits or other restrictions on, or requirements relating to, the transfer of risk by insurance or reinsurance companies?

Operating restrictions

Authorisation or licensing

9. Does the entity or person have to be authorised or licensed?
10. What are the main exemptions or exclusions from authorisation or licensing?

Restrictions on ownership or control

11. Are there any restrictions on the ownership or control of insurance-related entities?
12. Must owners or controllers be approved by or notified to the relevant authorities before taking, increasing or reducing their control or ownership of the entity?

Ongoing requirements for the authorised or licensed entity

13. What are the key ongoing requirements with which the authorised or licensed entity must comply?

Penalties for non-compliance with legal and regulatory requirements

14. What are the possible consequences of an entity failing to comply with applicable legal and regulatory requirements? What recourse do policyholders have if they have done business with a non-approved entity?

Restrictions on persons to whom services can be marketed or sold

15. Are there any restrictions on the persons to whom insurance/reinsurance services and contracts can be marketed or sold?

Reinsurance monitoring and disclosure requirements

16. To what extent can/must a reinsurance company monitor the claims, settlements and underwriting of the cedant company?
17. What disclosure/notification obligations does the cedant company have to the reinsurance company?

Insurance and reinsurance policies

Content requirements and commonly found clauses

18. What are the main general form and content requirements for insurance policies? What are the most commonly found clauses?
19. Is facultative or treaty reinsurance more common? What are the most commonly found clauses in reinsurance policies?

Implied terms

20. Are there any terms that are implied by law or regulation (even if not included in the insurance or reinsurance contract)?

Customer protections

21. How do customer protections in the general law affect insurance contracts? What customer protections are generally included in insurance policies to supplement this?

Standard policies or terms

22. What are the main standard policies or terms produced by trade associations or relevant authorities?

Insurance and reinsurance policy claims

Establishing an insurance claim

23. What must be established to trigger a claim under an insurance policy?

Third party insurance claims

24. What are the circumstances in which third parties can claim under an insurance policy?

Time limits

25. Is there a time limit outside of which the insured/reinsured is barred from making a claim?


26. Can the original policyholder or other third party enforce the reinsurance contract against a reinsurer?


27. What remedies are available for breach of an insurance policy?

Punitive damage claims

28. Are punitive damages insurable? Can punitive damages be reinsured if they are covered by an underlying policy?

Insolvency of insurance and reinsurance providers

29. What is the regulatory framework for dealing with distressed or insolvent insurance or reinsurance companies, or other persons or entities providing insurance or reinsurance related services? What regulatory and/or other protections exist for policyholders if the insurance company is insolvent?
30. Can excess insurance policies "drop down" to provide coverage if the primary insurer goes into insolvency?
31. Is a right to set-off mutual debts and credits recognised in an insolvency proceeding involving an insurer or reinsurer?

Taxation of insurance and reinsurance providers

32. What is the tax treatment for insurers, reinsurers, and other persons or entities providing insurance and reinsurance-related services?

Insurance and reinsurance dispute resolution

33. Are there special procedures or venues for dealing with insurance or reinsurance complaints or disputes?
34. Are arbitration clauses in insurance and reinsurance agreements enforceable?
35. Are choice of forum, venue and applicable law clauses in an insurance or reinsurance contract recognised and enforced?


36. What proposals are there for reform of the law, regulation or rules relating to the provision of insurance or reinsurance services?
{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247325533686", "objName" : "Insurance and Reinsurance Country Q&A tool", "userID" : "2", "objUrl" : "", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "2-62dceab2:15b09ba89c2:-6932", "analyticsSessionCookie" : "2-62dceab2:15b09ba89c2:-6931", "statisticSensorPath" : "" }