In general, Insurance Law relates to contracts between an insured person and an insurance company in which the insured person is not only defined as the person who has signed a contract, but also includes the persons the insured mentioned as direct beneficiaries.
Activities of insurance companies in Cyprus are established under the Freedom of Services and directives of the European Union, which allows insurance companies established in the EU to enter into insurance contracts with citizens of Cyprus.
The main domestic legislations are the Law on Insurance and Reinsurance Services and Other Related Business of 2016, the Motor Vehicle Third Party Insurance Law 2000-2012 and the Mandatory Insurance of the Employer’s Liability Law, 174/1989.
The practice of insurance aims at hedging against financial risk. However, insurers are vulnerable to financial risk themselves, and they transfer part of their risk on to reinsurers. Insurance can be split into many sub-divisions, such as personal injury and medical negligence, public liability, employers' liability, accident-at-work claims, car accidents etc.
In the light of the above, individuals and corporations seek to insure against the loss of tangible assets (e.g. immovable property), against the loss of intangible assets (e.g. movable property) and against malpractice or mistakes made by professionals (e.g. professional indemnity for doctors or lawyers).
Additionally, Insurance Law covers a wide range of disputes arising out of insurance contracts between the insured and the insurer, or the insured, the insurer and a third party or between the insurer and the reinsurer.
Our firm is in a position to provide our clients with the following services:
- We advise insured persons regarding road traffic accidents, by examining each case and the events surrounding the claim separately, and we negotiate with insurance companies in order to reach an out-of-court settlement
- We represent both insured parties and insurers in actions before the Courts, concerning road traffic accidents, if an out-of-court settlement is not reached
- We specialise in the transactional aspects of the insurance industry, advising on tax, regulations, restructurings, drafting insurance policies, and M&A activity between insurance companies
- We represent professionals (e.g. doctors, lawyers, accountants, etc.) that have been accused of malpractice, as well as their insurers.
- We cooperate with experts to assess professional misconduct of natural or legal persons
- We ascertain if a claim made against an insurance company has any substantial grounds to be covered under the insurance policy, and assess the coverage of a given insurance policy to determine an insurer's degree of liability
- We assist in the negotiation process in out-of-court settlements
- We prepare and file all necessary court documentation for claims against, or on behalf of, insurers of the insured parties
- We represent our clients in court hearings, when court proceedings are initiated