Insurance law, including insurance policies and laws that surround the practices of insurance claims. It can be broadly divided into three categories - Business Insurance Regulation; In particular, policies of insurance consumer policy, content control and claims management control.
(History)
Interaction (group self-insurance) of the form that existed before the earliest forms of insurance, marine insurance probably is. Insurance Transport for London insurance market, Lombard Street names registered in the oldest market town merchant Hanseatic League and the 12th and 13th centuries, the country's finances Lombardia, originated with. Slaves - including - the first day of the new world, the expansion of underlying insurance mercantilism, and gold, silver, spices, furs and other valuable products to explore new sources (and exploitation) is combined with. This merchant adventurers, insurance, do not follow any human undoing the damage or destruction of any ship that comes to pass over, which means, but the loss easier than some of the brightest ... whereupon all traders, especially those of smaller, more comfortable type and are tempted to venture freely.
English expansion of maritime trade in the 18th century London, the world's largest, is a center for insurance market. Commercial Underwriters proposed to consider this case in detail, and are divided into the risks in their race to be pointing down, on Lombard Street, by new Edward Lloyd trendy cafes, bars, sitting, or showing their signatures on documents.
At the same time, in the eighteenth century, Judge William Murray, Lord Mansfield, remained virtually unchanged to the present, where the extent of insurance law that was - at least in terms of, no commercial business consumer - in common law jurisdictions. Mansfield, foreign authorities, and, knowing the merchants, creates
Sea can be considered common law, the main policy makers and regulators around the commercial world, and the question of insurance, which is easily referrable, traders common law. His trial is a great feat, and ordered a foreign country, hence the honor. [2]
Membership Lloyd 19th century and was controlled in 1871, Lloyd's Act for members of a market, or to act as the name of the corporation founded by Lloyd pass,. And in the early twentieth century, from the law of general insurance is fundamentally a collective body, although that date, marina and the law of non-marine insurance, separated, with the result that the Marine Insurance Act was enacted in 1906. In 1906, on the same basic principle.
(Principles of Insurance)
United States, Canada, India, South Africa, Australia, and former member of the British Empire, including common law jurisdictions the law of England and Wales, with the result. The court is bound by the same or status to previous court decision, the simple concept - common law jurisdictions are different from their counterparts in civil law and judicial law, the principle of stare decisis. Insurance Law in the context of this example, Mansfield, Lord Eldon and Buller required as the business decisions of the judges, or, outside England and Wales, the heir of the Act to consider the same question that was meant at least highly persuasive.
At common law, the definition of commercial insurance is a contract freely negotiated by the counterparty risk similar bargaining power is transferred to the Court of Protection is equal to (or not). Underwriter Cover delineate the precise boundaries, to force the draft policy has the advantage. Insurance underwriter can achieve better than expected, the specific risks of the proposed details of the insured has the advantage of knowing the equal and opposite. Center for English commercial insurance and, therefore, are bound to the terms of your insurance policy have policies that link; Described him, and his decision to ensure that the material has not been concealed or their mistakes and risks.
The civil law countries, rather than risk insurance is usually closer than a device to stimulate entrepreneurship, has joined protecting vulnerable. Civil law jurisdictions - in general terms - to monitor more closely the content of insurance contracts and well protected from the possibility of insurance rather than common law jurisdictions, and more in favor of the insured risk, had negotiated, which may be greater than that taken a premium. As a result, most of the world is taking legal action which Judge commercial insurance disputes, the application of the principles of common law, the economic burden of the risks of the insurer and the insured has a more-or- least equal associated categories.
(Insurable interest and compensation)
Above all, until 2005, the common law jurisdictions require that insurance is secured with an insurable interest. Safe and secure against the occurrence of the event of an insurable interest will be prejudiced by the insured, which is independent of the existence of insurance in relation to insurance matters relating to law or equity, or otherwise, that will benefit its non-occurrence. Insurable interest in the politics of life insurance contracts, in the seventeenth and eighteenth agreement unenforceable game, enforceable contracts centuries (only in honor of the union) and to suppress their differences and practice is carried out to be morally necessary in the lives of strangers. Insurable interest requirement of the Marine Insurance Act and common law systems, the need remains a commitment to the provisions of the 2005 law, perhaps inadvertently, non-English marine law has been removed; Insurable interest in the insured in a system of law and the doctrine of the common law, based on the principle of the court, depending on whether, or if the damage was caused by the insured in connection with an event that will allow you to obtain a compensation for the loss of more than one insured could not be restored to that.
(Extreme good faith)
Utmost good faith - - uberrimae doctrine confirmation contains all the common law system of insurance law. The insurance contract is a contract in absolute good faith. England, as explained that under the doctrine of the most important expression of policy, and that he knows or reasonably expected to be properly insured, the insurer will be elements of the insurer will not reveal everything. This is a risk of a prudent insurer in determining whether to write the material to be affected, and if so, under what conditions. Insurance risk is not to say everything about the material, a material misrepresentation is made to be invalid from the beginning of the insurance policy that could be, or insurance premiums again,,, (canceled or) policy to avoid payment.
(Trial)
Typical, breach of warranty commercial contract itself entitled to compensation, which is a contractual clause; As a condition of the contract of a subjectivity, the condition is not followed, then the contract will not be bound by it. By contrast, an insurance contract is a fact or state of affairs, a guarantee, rape, breaking discharges the insurer from liability under the contract from the moment; Rise to a claim for damages for breach of a mere time alone.
(Insurance Companies Control)
Business Insurance regulates insurance regulations are generally aimed at ensuring the solvency of insurance companies. Therefore, regulation of the capital reserve policy, taxes and various other back office processes control.
(European Union)
Each member of the European Union has its own insurance regulators. However, E.U. Harmonized prudential regulation in the whole Union is set to rule. They, and in line with the European agreement is submitted to the harmonized prudential regulation (whereby a union member, any person or entity who is a citizen thereof, or to provide services or she, Allah is free to establish throughout the European Union state) as an authorized and regulated by the financial services regulator UK financial Services Authority, except in the (freedom to provide services, known as process) to establish a branch in insurance another Member State and / or cross-border insurance coverage Who could do controlled by regulators Federation. Border provision of services in this way can be called passport,.
(India)
Completely controlled and partially deregulated the insurance industry is not currently regulated and then went through a full circle to be level. Is controlled by a number of works. Insurance business in India to regulate the status Indian Companies Act, 1912 Life Insurance, the Insurance Act 1938 [4] to provide strict state control insurance business was the first law which governs all life safe. Life Insurance Life Insurance Corporation of India in total, until January 19, 1956, is the state. All 245 insurance companies operating in the country, entity, merged with the Life Insurance Corporation of India.
Business Law General Insurance 1972 and later merged into four companies of about 100 insurance companies were nationalized formulated. Each of the four city is the headquarters of the company, the National Insurance, New India Assurance, Oriental Insurance and United India Insurance Company, is integrated into.
In 1999, India had no private insurance companies. In 1999 the government introduced the Insurance Regulatory Law and Development Authority, which allows the deregulation of the insurance sector and private companies. Moreover, foreign investment is allowed, and is capped at 26% of insurance companies in India celebration.
In 2006, actuaries Accountants Act, Notaries, cost and works accountants, lawyers, architects and company secretary working in tandem to give legal status is passed. $ 80 million (Rs.400 crore) for a minimum capital is required by law to establish an insurance business.
(USA)
As an initial matter, the insurance companies are generally the same as any other type of business you are bound to follow the laws and regulations. This use zoning and land, wage and hour laws, tax laws, and will include securities laws. Insurers also have other rules to follow. Insurance companies control is usually applied at the state level and the degree of regulation in the United States has changed dramatically.
The regulation of the insurance industry through the provision of the Supreme Court of the United States, the United States began in 1940. The first rule of the contract of insurance policy insurance was not a trade agreement between the Supreme Court resolved (Paul v. Virginia decision [5]) was performed in 1868 and was not subject to federal regulations that insurance. This accident,, court stated, affects the development of insurance regulations statewide. [6] This position has not changed to the (ruling United States v. South-Eastern Underwriters Association [7]), 1944, the Supreme Court in a ruling that confirmed trade policy said, and therefore a similar contract was adjustable.
Create an administrative agency in the United States, each state has in general a law. This state agency is generally safe, or some similar name, department, and the head of state insurance commissioner, or similar officer. Agencies and insurance companies domiciled in the State, or do business in the state to create a group of administrative rules. Regulation of insurance companies in the United States is handled almost exclusively by the State Department and insurance. In most cases, federal regulations expressly exempted from the federal government insurance.
He announced that a case of insurer bankruptcy, in many countries, an independent service and economic difficulties as little work as possible to ensure incurred in the regulations, (National Association of Insurance Commissioners in the United States and service management [8 ]).
Relatively highly regulated in the United States and other jurisdictions, prudential regulation of insurance companies in the field evil spreads beyond its capital adequacy, and the policyholder is protected against bad faith, which states which is part of the insurer, which includes topics such as excessively high (or fixed) premium is not, and the Agreement and policies to meet minimum standards. Constitutes an act of bad faith can be different possibilities; Lays the burden of proof on the insurer to insurer, the insurer agrees to pay an excessive amount of time, there seems to be a valid contract or insurance policy denied claims - claims often to prove the case. It occurs when the Insurance Act and other issues at the price of insurance for consumers to create an environment of unfair competition arise that may arise.
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