Reinsurance Which system of law?

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Presentation transcript:

Reinsurance Which system of law? Peggy Sharon, Adv. Levitan, Sharon & Co. Israel AIDA Europe - Budapest 27th November 2008

Applicable Law consumer protective Insurance – Insurance Contract Law, 1981 consumer protective

Applicable Law Reinsurance – General Contract Law

Possible Conflict Reinsured- Reinsurer English Law Insured – Insurer Israeli Law Insured – Insurer

Mind the Gap

Differences: Reasonable Defence Expenses: Primary insurance: (Insurance Contract Law) above policy limit in Liability Insurance

Reinsurance (English) law – All within limit

Disclosure of Information Full Disclosure Reinsured- Reinsurer Only Answers to Questions Insured – Insurer

Late Notification Reinsurance: Defence for reinsurer Primary Insurance: Prejudice required

Filling the Gap Court Ruling (Elbit): to apply to both contracts – the same system of Law (Israeli)

In practice: Cedent dictates same law as primary insurance

Thank You תודה Köszönöm

Reinsurance which system of law? Peggy Sharon, Adv. Levitan, Sharon & Co. Israel AIDA Europe - Budapest 27th November 2008