Being one of the best law firms in Cyprus we have an extensive expertise within the insurance industry, insurance policies and claims. We undertake an advisory role on the content of insurance policies regarding consumer claims and advice 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 licenses for the insurance companies and it supervises the activity of those organizations. 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 overview the insurance services provided by a corporation in Cyprus.
In particular, we undertake the following tasks:
(i) Reviewing insurance policies and contracts.
(ii) Advising insurance companies and insurance agents on the requirements for acquiring the relevant license in order to be able to provided insurance services.
(iii) Advising on complaints raised by insured individuals or corporations.
Also, our firm undertakes assignments on claim disputes between insurers and the insured over insurance payouts, having considered first the insurance contract and ascertain the insurance coverage under the said contract. In the case that 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 and potential damages as well.
In particular we provide the following services:
(i) Ascertain the coverage premiums and the insurers’ and insured liability taking into account the facts surrounding each distinct case.
(ii) Contact the local police authorities to retrieve the case file and examine if any witnesses might be present at the time of the accident.
(iii) Provide an in-depth calculation for the value of the claim and setting up a comprehensive settlement proposal.
(iv) Negotiate with the interested parties to reach an out of court settlement.
(v) Draft and filing of pleadings for potential court proceedings and represent our clients before the Cyprus Courts.