Insurance represents a contract, in which an individual or a private entity receives financial protection or reimbursement against unexpected losses from an insurance company. In general, insurance is a form of risk management used to hedge against the risk of financial losses. Therefore, individuals and companies purchase insurance for several reasons. Some illuminating examples are life, health, medical, vehicle and business interruption insurance.
Regulatory Framework for Insurance Companies in Cyprus:
In Cyprus, the primary legislation that regulates insurance activities is the Insurance Services and Other Related Issues Law (38(I)2016), also known as the Insurance Law. The Insurance Law applies to all types of insurance companies such as:
- Insurance and reinsurance companies registered in or outside the Republic of Cyprus;
- Insurance and reinsurance companies registered in Cyprus but providing services abroad;
- Brokers, agents, mediators or advisers in the insurance market;
The Superintendent of Insurance is the main regulatory body and it can issue licences for insurance companies. Additionally, it monitors the activities of insurance companies. Nevertheless, the policies developed for the insurance market are regulated by the Insurance Advisory Committee.
According to the Insurance Law, a contract signed between an insured and the insurance company is regulated by Contract Law. The term insured refers to the person who signs the contract and the individuals he/she defines as direct beneficiaries.
Litigation and Insurance Claims in Cyprus:
Despite the well-established legal framework in Cyprus, there are cases in which disputes occur. Specifically, insurance litigation occurs when an insurance company does not make payments related to the insurance policy. The Insurance Law does not provide a specific time-frame in which an incident covered by an insurance contract must be reported. Hence, insurance companies can establish their own regulations. Nevertheless, legal actions filed against insurance companies must comply with the provisions of Limitation of Actions Law.
Contact us and file an insurance claim:
The most efficient way to proceed with an insurance claim is to seek legal assistance. An experienced insurance lawyer will review your case thoroughly and provide you with adequate guidance regarding which steps you need to follow in order to receive the compensation you deserve. Furthermore, an insurance lawyer will study your case in detail and if he/she considers that there is case, then he/she will help you to file a claim in Cyprus courts. Then, the Court will issue a writ of summons accompanied by the pleading stage in which each party will present their evidence.
Legal support is essential as the lawyer will examine and gather all the available evidence concerning the exact time the event happened, as well as the exact location and circumstances. The insurance lawyers of Michael Chambers & Co. LLC will investigate the facts and provide you with the best possible representation in order to receive the compensation you deserve.
Michael Chambers & Co. LLC offers NO WIN, NO FEE service:
As explained, filing an insurance claim requires professional legal assistance. The insurance lawyers of Michael Chambers & Co. LLC are able to provide you with the necessary legal support on all matters related to litigation and insurance claims. Furthermore, Michael Chambers & Co. LLC offers a FREE consultation and NO WIN NO FEE service. That is to say, legal expenses are remunerated only in case you get the compensation you deserve. Among our principal objectives is to provide high-quality and affordable services. If you wish to speak to one of our lawyers, then please contact us: [email protected]