Hardback
Research Handbook on International Insurance Law and Regulation
Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.
In Association with Lloyd’s of London / Winner of the BILA Book Prize
More Information
Critical Acclaim
Contributors
Contents
More Information
Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.
Produced in association with Lloyd’s, it draws on the expertise both of academics and practising lawyers. Containing 30 comprehensive chapters, it provides in-depth studies on key areas, such as the role of international organisations, the judicial interpretation of insurance contract clauses and transnational regulatory recognition. It also provides thorough introductions to important jurisdictions, including the EU, US and Japan as well as focusing on newly emerging economies such as China and Brazil. Specialist topics covered include regulation by and of Lloyd’s, the tort of bad faith in the US, microinsurance and takaful insurance.
This well-documented resource will appeal to academics and students in insurance law and regulation, policymakers and private practice lawyers. The book also aims to stretch the imagination of anyone with an interest in insurance law and regulation, providing detailed analysis and avenues for further investigation.
Produced in association with Lloyd’s, it draws on the expertise both of academics and practising lawyers. Containing 30 comprehensive chapters, it provides in-depth studies on key areas, such as the role of international organisations, the judicial interpretation of insurance contract clauses and transnational regulatory recognition. It also provides thorough introductions to important jurisdictions, including the EU, US and Japan as well as focusing on newly emerging economies such as China and Brazil. Specialist topics covered include regulation by and of Lloyd’s, the tort of bad faith in the US, microinsurance and takaful insurance.
This well-documented resource will appeal to academics and students in insurance law and regulation, policymakers and private practice lawyers. The book also aims to stretch the imagination of anyone with an interest in insurance law and regulation, providing detailed analysis and avenues for further investigation.
Critical Acclaim
‘Global insurance and its rapidly evolving law and regulation demands international research. To this aim, the Handbook offers a truly international collection of essays. Highly renowned experts analyze the key topics currently under international discussion and development. While representing a diversity of national jurisdictions, the focus lies on the largest insurance jurisdictions (USA, UK and Germany) but newly important jurisdictions like Brazil and China are considered as well – a most valuable and important contribution to international insurance law literature.’
– Manfred Wandt, Director of the Insurance Law Institute, Goethe-University Frankfurt, Germany
‘This Research Handbook is published at an opportune time. A global review of insurance law and regulation is underway. Much reform happens locally with little reference to developments elsewhere and this Research Handbook brings the strands together. It is a comprehensive review by distinguished authors from different backgrounds including both leading academics and practitioners. They consider the definitions of insurance, its economic underpinnings, comparative law and regulations, actual and proposed reforms, the effects on underwriting and claims and how insurance is studied and taught. Good laws and regulation benefit the market and its customers. Bad laws and regulation do the opposite. This book is required reading for all involved in the reform process.’
– David Hertzell, Law Commissioner
‘Globalisation has had no greater impact in the commercial world than on insurance, the law which governs it and the risks it seeks to address. Those who inspired this publication and the contributing authors, are to be thanked for providing such a necessary and useful reference source. It covers so much of what insurance professionals need to be aware of in the insurance/law world of the twenty first century.’
– Michael Gill, President of the International Insurance Law Association
– Manfred Wandt, Director of the Insurance Law Institute, Goethe-University Frankfurt, Germany
‘This Research Handbook is published at an opportune time. A global review of insurance law and regulation is underway. Much reform happens locally with little reference to developments elsewhere and this Research Handbook brings the strands together. It is a comprehensive review by distinguished authors from different backgrounds including both leading academics and practitioners. They consider the definitions of insurance, its economic underpinnings, comparative law and regulations, actual and proposed reforms, the effects on underwriting and claims and how insurance is studied and taught. Good laws and regulation benefit the market and its customers. Bad laws and regulation do the opposite. This book is required reading for all involved in the reform process.’
– David Hertzell, Law Commissioner
‘Globalisation has had no greater impact in the commercial world than on insurance, the law which governs it and the risks it seeks to address. Those who inspired this publication and the contributing authors, are to be thanked for providing such a necessary and useful reference source. It covers so much of what insurance professionals need to be aware of in the insurance/law world of the twenty first century.’
– Michael Gill, President of the International Insurance Law Association
Contributors
Contributors: A. Abramovsky, S. Bessman, M.E. Boardman, O. Brand, J. Burling, A. Chatterjee, M. Clarke, L.R. Cohen, R. Cox, A. Flanagan, R. Ford, H. Geiger, I. Goldberg, J. Goodliffe, B. Haken, W. Han, P. Hassouri, H. Heiss, W. Heukamp, W. Hoffman, M. Hoyle, P. Kochenburger, B. Kuschke, M. Lakhan, K. Lazarus, J. Lowry, I. Mason, M. Mendelowitz, R. Merkin, S. Midlige, R. Miller, D. Moreira, J. Mulhern, K. Noussia, S. Ochiai, P. Pohlmann, R. Purves, R. Re, P. Salve, D. Simpson, J. Smethurst, L. Steinberg, S. Takahashi, R. Takeda, R. Tischner, D. Whear, H.-Y. Yeo
Contents
Contents:
Lloyd’s
Foreword
Richard Ward
Introduction
Julian Burling and Kevin Lazarus
PART I: INSURANCE CONTRACT LAW
1. An Introduction to Insurance Contract Law
Malcolm Clarke
2. Methodology: Applying Economics to Insurance Law – An Introduction
Lloyd R. Cohen and Michelle E. Boardman
3. Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance
Kyriaki Noussia
4. Pre-contractual Information Duties: The Insured’s Pre-Contractual Duty of Disclosure – Convergence Across the Jurisdictional Divide
John Lowry
5. Contract Terms: Judicial Approaches to the Interpretation of Insurance Contracts
Oliver Brand
6. Claims: An Overview of the US Tort of ‘Bad Faith’ – A Common Law Approach to Regulating Insurer Claims Handling and Settlements
Suzanne Midlige, Robert Re and William Hoffman
7. Reinsurance: Finding the Balance between Reinsurers’ and Reinsureds’ interests
Rob Merkin and Michael Mendelowitz
8. Closing Books of Business: The Challenge of Fairness and Finality
David Whear and Bob Haken
9. Choice of Law: New York and English Approaches to Insurance and Reinsurance Contracts
Raymond Cox QC
PART II: INSURANCE REGULATION
10. An Introduction to Insurance Regulation
Peter Kochenburger and Patrick Salve
11. History: A History of Insurance Regulation in the UK
Robin Ford
12. International Organisations: Their Role and Interconnectivity in Insurance Regulation
Louise Steinberg
13. Transnational Supervisory Recognition: A Macro-jurisdictional Overview
Hermann Geiger
14. Principles-based Insurance Regulation: Lessons to be Learned from a Comparison of the EU and German Law of Risk Management
Petra Pohlmann
15. Conduct of Business Regulation: A Survey of the UK Regime and a Comparison with the US, German and Hong Kong Approach
James Smethurst, Wessel Heukamp, Jonathan Goodliffe and Royce Miller
16. Enforcement: A Survey of Three Approaches to Insurance Regulatory Enforcement: The USA, the UK and Sweden
Aviva Abramovsky, Ian Mason, Robert Tischner and Stefan Bessman
17. Lloyd’s: Its Authorisation in the United Kingdom and Overseas
Julian Burling
18. Lloyd’s: The Development of Performance Management
Kevin Lazarus
PART III: DEVELOPING AREAS OF INSURANCE LAW AND REGULATION
19. Microinsurance: The Value Proposition at the Base of the Pyramid
Arup Chatterjee
20. Takaful Insurance: Squaring the Insurance Circle in Islamic Law
Mark Hoyle
21. Alternative Risk Transfer: Risk Transfer Solutions at the Margins of Insurability – The Legal and Regulatory Challenges
Patrick Salve and Douglas Simpson
22. E-Commerce: The Regulation of Insurance in the Age of the Internet
Anne Flanagan
PART IV: REGIONAL STUDIES IN INSURANCE LAW AND REGULATION
23. Europe: Towards a Harmonised European Insurance Contract Law – The PEICL
Helmut Heiss, Malcolm Clarke and Mandeep Lakhan
24. Europe: The Architecture and Content of EU Insurance Regulation
Robert Purves
25. USA: A Regulatory Overview of the World’s Largest Insurance Market
John Mulhern, Parimah Hassouri and Daren Moreira
26. Singapore: Maintaining a Law and Regulation for a Modern Trading State
Hwee-Ying Yeo
27. Brazil: The Transition of Law and Regulation from State Control to Market Freedom
Ilan Goldberg
28. China: Developments in Insurance Law and Regulation in the People’s Republic
Wenhao Han
29. Japan: The Insurance Concept in the Insurance Act and the Insurance Business Act
Seiichi Ochiai, Shinichi Takahashi and Ryoko Takeda
30. South Africa: Insurance Law and Regulation in the Rainbow Nation
Birgit Kuschke
Index
Lloyd’s
Foreword
Richard Ward
Introduction
Julian Burling and Kevin Lazarus
PART I: INSURANCE CONTRACT LAW
1. An Introduction to Insurance Contract Law
Malcolm Clarke
2. Methodology: Applying Economics to Insurance Law – An Introduction
Lloyd R. Cohen and Michelle E. Boardman
3. Definition: Different Common Law and Civil Law Approaches to the Definition of Insurance
Kyriaki Noussia
4. Pre-contractual Information Duties: The Insured’s Pre-Contractual Duty of Disclosure – Convergence Across the Jurisdictional Divide
John Lowry
5. Contract Terms: Judicial Approaches to the Interpretation of Insurance Contracts
Oliver Brand
6. Claims: An Overview of the US Tort of ‘Bad Faith’ – A Common Law Approach to Regulating Insurer Claims Handling and Settlements
Suzanne Midlige, Robert Re and William Hoffman
7. Reinsurance: Finding the Balance between Reinsurers’ and Reinsureds’ interests
Rob Merkin and Michael Mendelowitz
8. Closing Books of Business: The Challenge of Fairness and Finality
David Whear and Bob Haken
9. Choice of Law: New York and English Approaches to Insurance and Reinsurance Contracts
Raymond Cox QC
PART II: INSURANCE REGULATION
10. An Introduction to Insurance Regulation
Peter Kochenburger and Patrick Salve
11. History: A History of Insurance Regulation in the UK
Robin Ford
12. International Organisations: Their Role and Interconnectivity in Insurance Regulation
Louise Steinberg
13. Transnational Supervisory Recognition: A Macro-jurisdictional Overview
Hermann Geiger
14. Principles-based Insurance Regulation: Lessons to be Learned from a Comparison of the EU and German Law of Risk Management
Petra Pohlmann
15. Conduct of Business Regulation: A Survey of the UK Regime and a Comparison with the US, German and Hong Kong Approach
James Smethurst, Wessel Heukamp, Jonathan Goodliffe and Royce Miller
16. Enforcement: A Survey of Three Approaches to Insurance Regulatory Enforcement: The USA, the UK and Sweden
Aviva Abramovsky, Ian Mason, Robert Tischner and Stefan Bessman
17. Lloyd’s: Its Authorisation in the United Kingdom and Overseas
Julian Burling
18. Lloyd’s: The Development of Performance Management
Kevin Lazarus
PART III: DEVELOPING AREAS OF INSURANCE LAW AND REGULATION
19. Microinsurance: The Value Proposition at the Base of the Pyramid
Arup Chatterjee
20. Takaful Insurance: Squaring the Insurance Circle in Islamic Law
Mark Hoyle
21. Alternative Risk Transfer: Risk Transfer Solutions at the Margins of Insurability – The Legal and Regulatory Challenges
Patrick Salve and Douglas Simpson
22. E-Commerce: The Regulation of Insurance in the Age of the Internet
Anne Flanagan
PART IV: REGIONAL STUDIES IN INSURANCE LAW AND REGULATION
23. Europe: Towards a Harmonised European Insurance Contract Law – The PEICL
Helmut Heiss, Malcolm Clarke and Mandeep Lakhan
24. Europe: The Architecture and Content of EU Insurance Regulation
Robert Purves
25. USA: A Regulatory Overview of the World’s Largest Insurance Market
John Mulhern, Parimah Hassouri and Daren Moreira
26. Singapore: Maintaining a Law and Regulation for a Modern Trading State
Hwee-Ying Yeo
27. Brazil: The Transition of Law and Regulation from State Control to Market Freedom
Ilan Goldberg
28. China: Developments in Insurance Law and Regulation in the People’s Republic
Wenhao Han
29. Japan: The Insurance Concept in the Insurance Act and the Insurance Business Act
Seiichi Ochiai, Shinichi Takahashi and Ryoko Takeda
30. South Africa: Insurance Law and Regulation in the Rainbow Nation
Birgit Kuschke
Index
