Pub Date : 2023-05-31DOI: 10.5604/01.3001.0053.6100
Anna Wietrzyńska-Ciołkowska, Paweł Stykowski
The aim of the article is to present W&I insurance, which is a type of transactional risk insurance. In transactional practice, W&I insurance is becoming a market standard in M&A processes and real estate transactions, particularly those involving commercial real estate. Nevertheless, W&I policies are still predominantly offered by foreign insurance companies, frequently under foreign law. Along with the development of accompanying title insurance and insurance for specific/defined transaction risks, including tax or environmental risks, they are becoming a tool which is increasingly applied for risk allocation, thus replacing the escrow accounts used in the past. The article describes selected practical issues related to this type of insurance.
{"title":"W&I (warranty & indemnity) Insurance – Selected Issues","authors":"Anna Wietrzyńska-Ciołkowska, Paweł Stykowski","doi":"10.5604/01.3001.0053.6100","DOIUrl":"https://doi.org/10.5604/01.3001.0053.6100","url":null,"abstract":"The aim of the article is to present W&I insurance, which is a type of transactional risk insurance. In transactional practice, W&I insurance is becoming a market standard in M&A processes and real estate transactions, particularly those involving commercial real estate. Nevertheless, W&I policies are still predominantly offered by foreign insurance companies, frequently under foreign law. Along with the development of accompanying title insurance and insurance for specific/defined transaction risks, including tax or environmental risks, they are becoming a tool which is increasingly applied for risk allocation, thus replacing the escrow accounts used in the past. The article describes selected practical issues related to this type of insurance.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"109 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139372134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-31DOI: 10.5604/01.3001.0053.6101
Dominika Wolf-Jezierska
Liability insurance of corporate directors and officers covering actions and omissions related to their performance has almost become a standard insurance product in economic practice. Board members in companies are liable with all their personal assets towards the company, its partners, employees and/or creditors for their managerial performance, mismanagement or nonfeasance. The D&O insurance has been created with the aim of protecting personal property of company managers. Having regard to the changes introduced by the so-called holding law, it seems justified to consider the impact of the new legislation on the principles of liability of company managers as well as the application of the D&O insurance.
{"title":"Civil Liability Insurance of Companies and Members of Managing Bodies and the Amendment to the Commercial Companies Code","authors":"Dominika Wolf-Jezierska","doi":"10.5604/01.3001.0053.6101","DOIUrl":"https://doi.org/10.5604/01.3001.0053.6101","url":null,"abstract":"Liability insurance of corporate directors and officers covering actions and omissions related to their performance has almost become a standard insurance product in economic practice. Board members in companies are liable with all their personal assets towards the company, its partners, employees and/or creditors for their managerial performance, mismanagement or nonfeasance. The D&O insurance has been created with the aim of protecting personal property of company managers. Having regard to the changes introduced by the so-called holding law, it seems justified to consider the impact of the new legislation on the principles of liability of company managers as well as the application of the D&O insurance.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139372258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-15DOI: 10.5604/01.3001.0016.1073
R. Nowak
The aim of the article is to identify legal risk and key areas and factors to determine the activity of insurance intermediaries in Poland, who conduct their activity in conditions defined by both hard and soft law regulations. The author mainly focuses on such activities of insurance intermediaries that are directly related to insurance distribution. Legal risks cover events that create uncertainty about the realization of hazards resulting from legal environment in a broad sense, which constitute a threat to the entity conducting activities aimed at achieving concrete economic targets. From the point of view of an insurance intermediary acting as an insurance distributor, legal risks together with compliance risk seem to be crucial from the perspective of the threat level and possible consequences thereof. The protection against the effects of these risks requires taking appropriate steps in the risk management process adopted by individual companies. These activities are hindered by a variety of negative phenomena occurring on the insurance market, including the overregulation and legal instability. The implementation of the compliance idea and the legal risk management program by an entity conducting brokerage and agency activities mitigates the risk of illegal practices, and consequently reduces threats arising from areas generating legal risks.
{"title":"Legal Risk in Insurance Intermediarys Activity in Poland","authors":"R. Nowak","doi":"10.5604/01.3001.0016.1073","DOIUrl":"https://doi.org/10.5604/01.3001.0016.1073","url":null,"abstract":"The aim of the article is to identify legal risk and key areas and factors to determine the activity of insurance intermediaries in Poland, who conduct their activity in conditions defined by both hard and soft law regulations. The author mainly focuses on such activities of insurance intermediaries that are directly related to insurance distribution. Legal risks cover events that create uncertainty about the realization of hazards resulting from legal environment in a broad sense, which constitute a threat to the entity conducting activities aimed at achieving concrete economic targets. From the point of view of an insurance intermediary acting as an insurance distributor, legal risks together with compliance risk seem to be crucial from the perspective of the threat level and possible consequences thereof. The protection against the effects of these risks requires taking appropriate steps in the risk management process adopted by individual companies. These activities are hindered by a variety of negative phenomena occurring on the insurance market, including the overregulation and legal instability. The implementation of the compliance idea and the legal risk management program by an entity conducting brokerage and agency activities mitigates the risk of illegal practices, and consequently reduces threats arising from areas generating legal risks.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124653241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-15DOI: 10.5604/01.3001.0016.1074
Beata Mrozowska - Bartkiewicz
Article 18(1) and (2) of the Act of 11 September 2015 on insurance and reinsurance activity introduced a ban on remunerating the policyholder and persons representing the policyholder in insurance on someone else's account for offering insurance cover or for actions related to the performance of insurance contracts. The reason for such legal regulation was to eliminate a market practice which enabled the policyholder to receive fees or other benefits for actions related to providing insurance cover under contracts on someone else's account (mainly group insurance) or to the performance thereof. Although said provision applies to insurers operating in various forms, mutual insurance companies implementing the principle of mutuality in their activities may account for the profit generated in the insurance history. Pursuant to Article 18(1) and (2) of the Act, the ban to receive remuneration or other benefits applies exclusively to insurance actions specified by the legislator, i.e. to (i) offering and/or (ii) performing an insurance contract. The payment or settlement of a positive insurance result does not constitute a benefit for the insured referred to in said provision. Therefore, the ban does not apply in such situation, however this does not mean that the obligation to settle accounts with persons who actually bear the cost of insurance protection may be ignored.
{"title":"Application of Article 18(1) and (2) of the Insurance and Reinsurance Activity Act of 11 September 2015 by Mutual Insurance Companies","authors":"Beata Mrozowska - Bartkiewicz","doi":"10.5604/01.3001.0016.1074","DOIUrl":"https://doi.org/10.5604/01.3001.0016.1074","url":null,"abstract":"Article 18(1) and (2) of the Act of 11 September 2015 on insurance and reinsurance activity introduced a ban on remunerating the policyholder and persons representing the policyholder in insurance on someone else's account for offering insurance cover or for actions related to the performance of insurance contracts. The reason for such legal regulation was to eliminate a market practice which enabled the policyholder to receive fees or other benefits for actions related to providing insurance cover under contracts on someone else's account (mainly group insurance) or to the performance thereof. Although said provision applies to insurers operating in various forms, mutual insurance companies implementing the principle of mutuality in their activities may account for the profit generated in the insurance history. Pursuant to Article 18(1) and (2) of the Act, the ban to receive remuneration or other benefits applies exclusively to insurance actions specified by the legislator, i.e. to (i) offering and/or (ii) performing an insurance contract. The payment or settlement of a positive insurance result does not constitute a benefit for the insured referred to in said provision. Therefore, the ban does not apply in such situation, however this does not mean that the obligation to settle accounts with persons who actually bear the cost of insurance protection may be ignored.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"131 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121954062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-15DOI: 10.5604/01.3001.0016.1075
J. Wojciechowski
Recourse claims are an essential aspect of insurance practice. This article concentrates on the institution of a non-standard recourse, which plays an unusual role in the legal system. The author analyses cases provided for by law in which a claim for the non-standard recourse arises. Various situations are discussed where damage has been caused by the driver: intentional damage, drink-driving, driving in a state of intoxication or under the influence of other psychotropic substances. Moreover, the following premises have been examined: taking the possession of a vehicle as a result of committing a crime, lack of driving licence and the failure to stop at the scene of the accident by the offender. The characteristic features of those claims have been highlighted in line with the views expressed in case law and jurisprudence. The author advances the thesis that non-standard recourse claim have an autonomous basis and specific nature, with both resulting from the specific provision of the Act.
{"title":"Non-standard Insurance Recourse under Article 43 of the Act on Compulsory Insurance, the Insurance Guarantee Fund and the Polish Motor Insurers' Bureau","authors":"J. Wojciechowski","doi":"10.5604/01.3001.0016.1075","DOIUrl":"https://doi.org/10.5604/01.3001.0016.1075","url":null,"abstract":"Recourse claims are an essential aspect of insurance practice. This article concentrates on the institution of a non-standard recourse, which plays an unusual role in the legal system. The author analyses cases provided for by law in which a claim for the non-standard recourse arises. Various situations are discussed where damage has been caused by the driver: intentional damage, drink-driving, driving in a state of intoxication or under the influence of other psychotropic substances. Moreover, the following premises have been examined: taking the possession of a vehicle as a result of committing a crime, lack of driving licence and the failure to stop at the scene of the accident by the offender. The characteristic features of those claims have been highlighted in line with the views expressed in case law and jurisprudence. The author advances the thesis that non-standard recourse claim have an autonomous basis and specific nature, with both resulting from the specific provision of the Act.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"191 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115183361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-12-15DOI: 10.5604/01.3001.0016.1068
Michał P Ziemiak
An amendment to the Polish Road Traffic Code introduced a possibility for the Insurance Guarantee Fund and insurance companies (offering motor liability and motor hull insurance) to access information in the Central Drivers Registry relating inter alia information concerning road traffic offences and to penalty points imposed as a result of committing such offences. Insurance companies may consult the Registry with the Funds assistance. At the same time, under the amended Polish Insurance and Reinsurance Act, insurance undertakings may process those data (i.e. driving offences or violations of road traffic regulations and penalty points issued as a result thereof) only for the purpose of insurance risk assessment and pricing with a view of concluding motor insurance contracts (excluding carrier's liability insurance). Similar solutions have been adopted in other countries, including EU Member States. The article is an attempt at explaining and conducting an initial evaluation of the new mechanisms, as well as at answering a question about possible impact thereof upon motor insurance premiums.
{"title":"Penalty Points for Violation of Traffic Rules versus Motor Insurance Premium. Analysis of New Legal Solutions","authors":"Michał P Ziemiak","doi":"10.5604/01.3001.0016.1068","DOIUrl":"https://doi.org/10.5604/01.3001.0016.1068","url":null,"abstract":"An amendment to the Polish Road Traffic Code introduced a possibility for the Insurance Guarantee Fund and insurance companies (offering motor liability and motor hull insurance) to access information in the Central Drivers Registry relating inter alia information concerning road traffic offences and to penalty points imposed as a result of committing such offences. Insurance companies may consult the Registry with the Funds assistance. At the same time, under the amended Polish Insurance and Reinsurance Act, insurance undertakings may process those data (i.e. driving offences or violations of road traffic regulations and penalty points issued as a result thereof) only for the purpose of insurance risk assessment and pricing with a view of concluding motor insurance contracts (excluding carrier's liability insurance). Similar solutions have been adopted in other countries, including EU Member States. The article is an attempt at explaining and conducting an initial evaluation of the new mechanisms, as well as at answering a question about possible impact thereof upon motor insurance premiums.","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121438320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-15DOI: 10.5604/01.3001.0015.9304
Beata Mrozowska - Bartkiewicz
Compulsory insurance, especially compulsory civil liability insurance, plays an immensely important social role by protecting the property interests of both injured parties and perpetrators themselves. The Compulsory Insurance Act has laid the foundations for the compulsory insurance system, by specifying, among others, the following issues: the definition of compulsory insurance, rules of concluding and performing compulsory insurance contracts, including sums guaranteed in insurance types listed in the Act, as well as the method of controlling the performance of the obligation to conclude insurance contracts. Given the considerable importance and popularity of this insurance type, it is vital that the provisions regulating the scope of liability of the insurer and of the Insurance Guarantee Fund, including the amount of the sum guaranteed, are designed precisely and unambiguously. However, the wording used by the legislator in Article 36(1) and Article 52 of the Compulsory Insurance Act: "The sum guaranteed cannot be lower than the equivalent in PLN [...]" is related to a legal problem whether insurance with a sum guaranteed that is higher than the amount indicated in the above-mentioned provisions is compulsory or whether it is rather voluntary in terms of the amount of the sum guaranteed exceeding the indicated amounts. The present article focuses on the analysis of the practices of concluding insurance contracts with the amount of cover higher than in the above-mentioned regulations, without indicating the limits determining the compulsory or voluntary nature of an insurance in question.
{"title":"On the Need to Specify the Provisions of Article 36(1) and Article 52 of the Act of 22 May 2003 on Compulsory Insurance, the Insurance Guarantee Fund and the Polish Motor Insurers' Bureau","authors":"Beata Mrozowska - Bartkiewicz","doi":"10.5604/01.3001.0015.9304","DOIUrl":"https://doi.org/10.5604/01.3001.0015.9304","url":null,"abstract":"Compulsory insurance, especially compulsory civil liability insurance, plays an immensely important social role by protecting the property interests of both injured parties and perpetrators themselves. The Compulsory Insurance Act has laid the foundations for the compulsory insurance system, by specifying, among others, the following issues: the definition of compulsory insurance, rules of concluding and performing compulsory insurance contracts, including sums guaranteed in insurance types listed in the Act, as well as the method of controlling the performance of the obligation to conclude insurance contracts. Given the considerable importance and popularity of this insurance type, it is vital that the provisions regulating the scope of liability of the insurer and of the Insurance Guarantee Fund, including the amount of the sum guaranteed, are designed precisely and unambiguously. However, the wording used by the legislator in Article 36(1) and Article 52 of the Compulsory Insurance Act: \"The sum guaranteed cannot be lower than the equivalent in PLN [...]\" is related to a legal problem whether insurance with a sum guaranteed that is higher than the amount indicated in the above-mentioned provisions is compulsory or whether it is rather voluntary in terms of the amount of the sum guaranteed exceeding the indicated amounts. The present article focuses on the analysis of the practices of concluding insurance contracts with the amount of cover higher than in the above-mentioned regulations, without indicating the limits determining the compulsory or voluntary nature of an insurance in question.\u0000\u0000","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"258 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132520051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-15DOI: 10.5604/01.3001.0015.9307
M. Szczepańska
The gloss refers to the judgment of the Court of Justice of the European Union of 24 February 2020 in joined cases C-143/20 and C-213/20 concerning information disclosure of life insurance undertakings in unit-linked life insurance. This judgment provides guidance on information obligations in this type of insurance with respect to entities whom the information is to be communicated and as regards the scope of the information provided. Said issues seem to be essential for insurance practice, yet they fail to be clearly defined by legislation in force or in case law. The gloss does not address all the questions that have been submitted to the Court, focusing only on the scope of the information obligations in unit-linked life insurance contracts.
{"title":"Gloss to the Judgment of the Court of Justice of the European Union of 24 February 2020 in Joined Cases C-143/20 and C-213/20 on the Information Disclosure of Life Insurance Undertakings in Unit-linked Insurance Contracts","authors":"M. Szczepańska","doi":"10.5604/01.3001.0015.9307","DOIUrl":"https://doi.org/10.5604/01.3001.0015.9307","url":null,"abstract":"The gloss refers to the judgment of the Court of Justice of the European Union of 24 February 2020 in joined cases C-143/20 and C-213/20 concerning information disclosure of life insurance undertakings in unit-linked life insurance. This judgment provides guidance on information obligations in this type of insurance with respect to entities whom the information is to be communicated and as regards the scope of the information provided. Said issues seem to be essential for insurance practice, yet they fail to be clearly defined by legislation in force or in case law. \u0000The gloss does not address all the questions that have been submitted to the Court, focusing only on the scope of the information obligations in unit-linked life insurance contracts.\u0000\u0000","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130257882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-15DOI: 10.5604/01.3001.0015.9306
Wojciech Łuczka
The article discusses selected doubtful legal issues related to the method of implementing new obligations resulting from EU sustainability-related legislation in the insurance market. The questions examined in the article are related to SFDR provisions, such as the application of obligations to insurance agents, the material scope of the Regulation, remuneration policy or marketing provisions, as well as IDD delegated regulation implementing the concept of examining customer sustainability preferences (the issue of including the obligations in the Suitability Assessment section which is applicable in principle to brokers, and differences in definitions as to the scope of products covered by the Regulation and the Polish Insurance and Reinsurance Act). Furthermore, the article presents de lege ferenda conclusions which could help resolve several existing legal questions.
{"title":"SFDR and Delegated Regulations – Practical Problems with Implementing New Sustainability Regulations in the Insurance Market","authors":"Wojciech Łuczka","doi":"10.5604/01.3001.0015.9306","DOIUrl":"https://doi.org/10.5604/01.3001.0015.9306","url":null,"abstract":"The article discusses selected doubtful legal issues related to the method of implementing new obligations resulting from EU sustainability-related legislation in the insurance market. The questions examined in the article are related to SFDR provisions, such as the application of obligations to insurance agents, the material scope of the Regulation, remuneration policy or marketing provisions, as well as IDD delegated regulation implementing the concept of examining customer sustainability preferences (the issue of including the obligations in the Suitability Assessment section which is applicable in principle to brokers, and differences in definitions as to the scope of products covered by the Regulation and the Polish Insurance and Reinsurance Act). Furthermore, the article presents de lege ferenda conclusions which could help resolve several existing legal questions.\u0000\u0000","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124491915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-08-15DOI: 10.5604/01.3001.0015.9305
Renata Orzechowska
Before concluding a D&O insurance contract, insurers request information about circumstances which are likely to give rise to a claim or proceedings against the insured in the future. Moreover, the insurance contract may impose an obligation on companies to notify the insurer of certain events that will become apparent after the conclusion of the contract. This article attempts to explain how the occurrence of the above circumstances affects the cover under D&O insurance contract with regard to claims that a company may bring against its directors and officers. The complexity of the relationship between entities covered by insurance and the structure of the insurance based on the claims-made trigger may exert certain influence on the effectiveness of the company's claims against directors and officers under insurance contract. Therefore, the article discusses only selected aspects related to the above-mentioned questions, i.e. the company's duty to inform the insurer about circumstances known before and after the conclusion of the insurance contract, as defined in Articles 815 and 818 of the Polish Civil Code, the risk of rendering the D&O insurance contract ineffective under Article 806 of the Polish Civil Code, in relation to known circumstances that occurred before the conclusion of the contract and, finally, the risk of limitation of claims under the insurance contract where the insurer has been notified of circumstances that may give rise to a claim or proceedings in the future.
{"title":"Notification of Circumstances Likely to Give Rise to a Claim versus the and Effectiveness of Pursuing Claims under D&O Insurance Contracts","authors":"Renata Orzechowska","doi":"10.5604/01.3001.0015.9305","DOIUrl":"https://doi.org/10.5604/01.3001.0015.9305","url":null,"abstract":"Before concluding a D&O insurance contract, insurers request information about circumstances which are likely to give rise to a claim or proceedings against the insured in the future. Moreover, the insurance contract may impose an obligation on companies to notify the insurer of certain events that will become apparent after the conclusion of the contract. This article attempts to explain how the occurrence of the above circumstances affects the cover under D&O insurance contract with regard to claims that a company may bring against its directors and officers. The complexity of the relationship between entities covered by insurance and the structure of the insurance based on the claims-made trigger may exert certain influence on the effectiveness of the company's claims against directors and officers under insurance contract. Therefore, the article discusses only selected aspects related to the above-mentioned questions, i.e. the company's duty to inform the insurer about circumstances known before and after the conclusion of the insurance contract, as defined in Articles 815 and 818 of the Polish Civil Code, the risk of rendering the D&O insurance contract ineffective under Article 806 of the Polish Civil Code, in relation to known circumstances that occurred before the conclusion of the contract and, finally, the risk of limitation of claims under the insurance contract where the insurer has been notified of circumstances that may give rise to a claim or proceedings in the future.\u0000\u0000","PeriodicalId":277138,"journal":{"name":"Prawo Asekuracyjne","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130901855","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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