Being one of the best law firms in Cyprus we have extensive expertise in the insurance industry, insurance policies and claims. We undertake an advisory role in respect of the content of insurance policies regarding consumer claims and advise clients on how to handle insurance claims made by individuals or insurers.
The main legislative framework in Cyprus which regulates insurance activities by a corporation is established by the Insurance Services and Other Related Issues Law, 38(I) 2016. Any company which provides insurance activities has to operate in line with the regulations and provisions of the Insurance Services Law.
The main regulatory authority is the Superintendent of Insurance, who is responsible to issue licences for insurance companies and supervises their activities. The policies established for the insurance market are regulated by the Insurance Advisory Committee, which can impose new measures in order to make financial improvements in this sense. We advise local or foreign investors interested in expanding their business in Cyprus in regard to their compliance with the requirements of the Insurance Services Law and of the regulatory authority responsible to supervise the insurance services provided by corporations in Cyprus.
In particular, we undertake the following tasks:
Reviewing insurance policies and contracts
Advising insurance companies and insurance agents on the requirements of acquiring the relevant licences in order to be able to provide insurance services
Advising on complaints raised by insured individuals or corporations
Also, our firm undertakes assignments on claim disputes between insurers and the insured parties over insurance pay-outs, having considered firstly the insurance contract and ascertained the insurance coverage under the said contract. In the case where an out-of-court settlement is not reached by the interested parties, then we may initiate court proceedings claiming the outstanding amount under the insurance coverage as well as potential damages.
In particular we provide the following services:
Ascertaining the coverage premiums and the insurers’ and insured’s liability, taking into account the facts surrounding each distinct case
Contacting the local police authorities to retrieve the case files and examining whether any witnesses might have been present at the time of the accident
Providing an in-depth calculation of the value of the claim and setting up a comprehensive settlement proposal
Negotiating with the interested parties to reach an out-of-court settlement
Drafting and filing pleadings for potential court proceedings and representing our clients before the Cypriot Courts