Research Handbook on International Insurance Law and Regulation


Research Handbook on International Insurance Law and Regulation

Second Edition

2nd edition

9781802205886 Edward Elgar Publishing
Edited by Julian Burling, Barrister, Serle Court, Lincoln’s Inn (formerly Counsel to Lloyd’s) and Kevin Lazarus, Solicitor, Lloyd’s, UK
Publication Date: 2023 ISBN: 978 1 80220 588 6 Extent: 932 pp
Executive editors for the Second Edition – Kevin Lazarus and Joshua Cartwright-Bain

This thoroughly revised second edition of the Research Handbook on International Insurance Law and Regulation provides an updated assessment of the insurance industry in an international context, featuring 30 chapters, of which half are new for this edition, written by expert academics and practising lawyers.

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This thoroughly revised second edition of the Research Handbook on International Insurance Law and Regulation provides an updated assessment of the insurance industry in an international context, featuring 30 chapters, of which half are new for this edition, written by expert academics and practising lawyers.

Produced in association with Lloyd’s of London, chapters provide in-depth studies on key areas including judicial interpretation of insurance contract clauses and transnational regulatory recognition, as well as overviews on important international jurisdictions such as the EU, Japan and the US. This comprehensive second edition critically analyses how insurance law and regulation have responded to the growth in sophisticated technology, the burgeoning climate crisis, and the development of new insurance structures.

This Research Handbook will appeal to legal students and academics, particularly those with an interest in commercial law, finance and banking law, and insurance law. This book will also be beneficial for policymakers and private practice lawyers working in the commercial legal sector.
Contributors: Aviva Abramovsky, Simon Baker, John Barlow, Edward W. (Bill) Batchelor, Paul Bonner Hughes, Oliver Brand, Nigel Brook, Laura Burgoyne, Julian Burling, Raymond Cox KC, James Davey, Joseph Ferraro, Hermann Geiger, Shane Gibbons, Miriam Goldby, David Griffiths, Bob Haken, Partner, Wessel Heukamp, Jae Hong Ahn, Farhaz Khan KC, Peter Kochenburger, Dan D. Kohane, Jeremy C. Kress, Priti Lancaster, Wynne Lawrence, Kevin Lazarus, Peter MacDonald-Eggers KC, Robert Mancuso, Sara Manske, Patricia A. McCoy, Brendan McGurk, Michael Mendelowitz, Rob Merkin KC, William J. Metcalf, Suzanne C. Midlige, Peter Molk, John Mulhern, Thomas Neighbour, Matthew O’Callaghan, Seiichi Ochiai, Jeremmy Okonjo, Jonathan O’Mahony, Younghwa Paik, Marc Perrone, Alex Potts KC, Anya Prince, Robert Purves, Patrick Salve, Daniel Schwarcz, Zaneta Sedilekova, James Smethurst, Geoff Summerhayes, Jennifer Tait, Shinichi Takahashi, Ryoko Takeda, Seamus Taylor, Karel Van Hulle, Sam Wakerley, Laura Waterford, Sung Woo Huh, Carrie Yang

Foreword xii
Introduction to the second edition xiv
Introduction to the first edition xxv

1 The shape of insurance contract law 2
James Davey
2 Methodology: how a law and economics approach has shaped insurance law 24
Peter Molk
3 Definition: the general and the parametric 36
Laura Burgoyne
4 Pre-contractual duties: the fair presentation of the risk – an English law approach 76
Peter MacDonald-Eggers KC
5 Contract terms: judicial approaches to the interpretation of insurance contracts 103
Oliver Brand
6 Claims: an overview of the US tort of ‘bad faith’ – a common law approach to regulating insurer claims-handling and settlements 133
Suzanne C. Midlige and William J. Metcalf
7 Reinsurance: finding the balance between reinsurers’ and reinsureds’ interests 165
Michael Mendelowitz and Rob Merkin KC
8 Closing books of business: the challenge of fairness and finality 192
Bob Haken and Simon Baker
9 Choice of law: New York and English approaches to insurance and reinsurance contracts 221
Raymond Cox KC

10 An introduction to insurance regulation 247
Peter Kochenburger and Patrick Salve
11 Systemic risk regulation: evolving approaches in insurance 281
Jeremy C. Kress, Patricia A. McCoy and Daniel Schwarcz
12 Competition: the insurance sector and the application of competition law – an overview 308
Edward W. Batchelor
13 Transnational supervisory recognition: a macro-jurisdictional overview 342
Hermann Geiger
14 Prudential supervision: capital standards in a risk-based solvency regime 367
Karel Van Hulle
15 Conduct of business regulation: a survey of the UK regime and a comparison with the US, German, French and Hong Kong approach 404
James Smethurst, Wessel Heukamp, Marc Perrone, Matthew O’Callaghan, Priti Lancaster and John Mulhern
16 Enforcement: a survey of the approaches taken to insurance regulatory enforcement in the United States of America and in the United Kingdom 438
Aviva Abramovsky, Dan D. Kohane, Farhaz Khan KC and Paul Bonner Hughes
17 Lloyd’s: the authorisation of Lloyd’s in the United Kingdom and overseas 467
Julian Burling
18 Lloyd’s: the development of performance management 499
Kevin Lazarus

19 Alternative risk transfer: insurance linked securities – their evolution, structures and regulation 523
Joseph Ferraro, Jennifer Tait and David Griffiths
20 Sustainability: the climate and nature crisis – a leadership role for insurance 551
Geoff Summerhayes, Laura Waterford, Nigel Brook, Wynne Lawrencea, and Zaneta Sedilekova
21 Data: the growth of risk-related data in insurance and protecting privacy 590
Brendan McGurk
22 Smart contracts: balancing innovation and consumer protection in insurance law and regulation 621
Miriam Goldby and Jeremmy Okonjo
23 Artificial intelligence: attempts at developing an ethical approach for its use in insurance 647
Anya Prince and Seamus Taylor

24 Europe: the architecture and content of EU insurance regulation 675
Robert Purves
25 USA: A regulatory overview of the world’s largest insurance market 708
John Mulhern, Sara Manske and Robert Mancuso
26 Bermuda: regulating big insurance on a small island 728
Alex Potts KC and Jonathon O’Mahony
27 United Arab Emirates: developing insurance on the Arabian Peninsula 759
Sam Wakerley, John Barlow, Thomas Neighbour and Shane Gibbons HFW
28 China: insurance regulation in a rapidly evolving market 787
Carrie Yang
29 Japan: the insurance concept in the Insurance Act and the Insurance Business Act 810
Seiichi Ochiai, Shinichi Takahashi and Ryoko Takeda
30 The Republic of Korea: an overview of insurance law and regulation 835
Jae Hong Ahn, Partner, Kim, Chang, Sung Woo Huh, Kim Chang and Younghwa Paik

Index 856
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