AUSTRIA Law and Practice Contributed by: Philipp Scheuba BLS Rechtsanwälte GmbH
Czech Republic
Germany
Slovak
Vienna
Austria
Hungary
Italy
Slovenia
Croatia
Contents 1. Basis of Insurance and Reinsurance Law p.17 1.1 Sources of Insurance and Reinsurance Law p.17 2. Regulation of Insurance and Reinsurance p.17 2.1 Insurance and Reinsurance Regulatory Bodies and Legislative Guidance p.17 2.2 Writing of Insurance and Reinsurance p.17 2.3 Taxation of Premium p.18 3. Overseas Firms Doing Business in the Jurisdiction p.18 3.1 Overseas-Based Insurers or Reinsurers p.18 3.2 Fronting p.19 4. Transaction Activity p.19 4.1 M&A Activities Relating to Insurance Companies p.19 5. Distribution p.19 5.1 Distribution of Insurance and Reinsurance Products p.19 6. Making an Insurance Contract p.20 6.1 Obligations of the Insured and Insurer p.20 6.2 Failure to Comply With Obligations of an Insurance Contract p.21 6.3 Intermediary Involvement in an Insurance Contract p.21 6.4 Legal Requirements and Distinguishing Features of an Insurance Contract p.21 6.5 Multiple Insured or Potential Beneficiaries p.21 6.6 Consumer Contracts or Reinsurance Contracts p.21 7. Alternative Risk Transfer (ART) p.22 7.1 ART Transactions p.22 7.2 Foreign ART Transactions p.22 8. Interpreting an Insurance Contract p.22 8.1 Interpretation of Insurance Contracts and Use of Extraneous Evidence p.22 8.2 Warranties p.23 8.3 Conditions Precedent p.23
9. Insurance Disputes p.23 9.1 Insurance Disputes Over Coverage p.23 9.2 Insurance Disputes Over Jurisdiction and Choice of Law p.24 9.3 Litigation Process p.24 9.4 Enforcement of Judgments p.24 9.5 Enforcement of Arbitration Clauses p.24 9.6 Enforcement of Awards p.25 9.7 Alternative Dispute Resolution p.25 9.8 Penalties for Late Payment of Claims p.25 9.9 Insurers’ Rights of Subrogation p.25 10. Insurtech p.25 11. Emerging Risks and New Products p.26 11.1 Emerging Risks Affecting the Insurance Market p.26 11.2 New Products or Alternative Solutions p.26 12. Developments in Insurance Law p.26 12.1 Significant Legislative or Regulatory Developments p.26 10.1 Insurtech Developments p.25 10.2 Regulatory Response p.25
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