The Insurance and Reinsurance Law Review

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1 [ Exclusively for: Li Zehan 11-May-13, 02:25 PM ] The Law Reviews The Insurance and Reinsurance Law Review Editor Peter Rogan Law Business Research

2 The Insurance and Reinsurance Law Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Insurance and Reinsurance Law Review, 1st edition (published in April 2013 editor Peter Rogan). For further information please

3 The Insurance and Reinsurance Law Review Editor Peter Rogan Law Business Research Ltd

4 The Law Reviews The Mergers and Acquisitions Review The Restructuring Review The Private Competition Enforcement Review The Dispute Resolution Review The Employment Law Review The Public Competition Enforcement Review The Banking Regulation Review The International Arbitration Review The Merger Control Review The Technology, Media and Telecommunications Review The Inward Investment and International Taxation Review The Corporate Governance Review The Corporate Immigration Review The International Investigations Review The Projects and Construction Review The International Capital Markets Review

5 The Real Estate Law Review The Private Equity Review The Energy Regulation and Markets Review The intellectual property Review The asset management review THE PRIVATE WEALTH AND PRIVATE CLIENT REVIEW The mining law review the executive remuneration review The anti-bribery and anti-corruption review The Cartels and leniency review The Tax Disputes and Litigation review The life sciences law review The Insurance and Reinsurance law review

6 Publisher Gideon Roberton business development managers Adam Sargent, Nick Barette marketing managers Katherine Jablonowska, Thomas Lee, James Spearing publishing assistant Lucy Brewer PRODUCTION COORDINATOR Lydia Gerges HEAD OF EDITORIAL PRODUCTION Adam Myers PRODUCTION editor Caroline Rawson subeditor Anna Andreoli editor-in-chief Callum Campbell managing director Richard Davey Published in the United Kingdom by Law Business Research Ltd, London 87 Lancaster Road, London, W11 1QQ, UK 2013 Law Business Research Ltd No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation. Legal advice should always be sought before taking any legal action based on the information provided. The publishers accept no responsibility for any acts or omissions contained herein. Although the information provided is accurate as of April 2013, be advised that this is a developing area. Enquiries concerning reproduction should be sent to Law Business Research, at the address above. Enquiries concerning editorial content should be directed to the Publisher ISBN Printed in Great Britain by Encompass Print Solutions, Derbyshire Tel:

7 acknowledgements The publisher acknowledges and thanks the following law firms for their learned assistance throughout the preparation of this book: BOPS Chalfin, Goldberg, Vainboim & Fichtner Advogados Associados Conyers Dill & Pearman Limited Crowell & Moring LLP Elvinger, Hoss & Prussen FenXun Partners Ganado Advocates gbf Attorneys-at-law Ince & Co L.C. Rodrigo Abogados Lee and Li, Attorneys-at-Law Manzano, López Saavedra & Ramírez Calvo (MLSRC) Maples and Calder Morais Leitão, Galvão Teles, Soares da Silva & Associados Sociedade de Advogados, RL Nader, Hayaux & Goebel Nishimura & Asahi Rose-Marie Lundström Advokat AB i

8 Acknowledgements Stikeman Elliott LLP Studio Legale Giorgetti Tuli & Co ii

9 contents Editor s Preface...vii Peter Rogan Chapter 1 ARGENTINA...1 Martín Manzano and Ignacio Shaw Chapter 2 BERMUDA...13 Christian Luthi and Michael Frith Chapter 3 BRAZIL...33 Ilan Goldberg and Priscila Mathias de Morais Fichtner Chapter 4 CANADA...48 Stuart S Carruthers, Peter J Cullen, Ellen M Snow and Anik Bouchard Chapter 5 CAYMAN ISLANDS...62 Tim Frawley and John Dykstra Chapter 6 CHINA...74 Jianzhao Wang Chapter 7 ENGLAND AND WALES...87 Simon Cooper and David Grantham Chapter 8 FRANCE Christian Bouckaert and Alexis Valençon Chapter 9 GERMANY Markus Eichhorst iii

10 Contents Chapter 10 GREECE Dimitris Kapsis and Dimitris Giomelakis Chapter 11 INDIA Neeraj Tuli and Celia Jenkins Chapter 12 ITALY Alessandro P Giorgetti Chapter 13 JAPAN Shinichi Takahashi and Yoshihide Matsushita Chapter 14 LUXEMBOURG Michel Marques Pereira and André Hoffmann Chapter 15 MALTA Matthew Bianchi Chapter 16 MEXICO Yves Hayaux-du-Tilly Chapter 17 PORTUGAL Luísa Soares da Silva, Margarida Torres Gama and Diogo Coimbra Casqueiro Chapter 18 SPAIN Jorge Angell Chapter 19 SWEDEN Rose-Marie Lundström and Gudrun König Chapter 20 SWITZERLAND Lars Gerspacher and Roger Thalmann Chapter 21 TAIWAN C T Chang, Trisha Chang and Jacqueline Wang iv

11 Contents Chapter 22 UNITED STATES Michael T Carolan, Paul W Kalish and William C O Neill Appendix 1 about the authors Appendix 2 Contributing Law Firms contact details v

12 Editor s Preface It is hard to overstate the importance of insurance in personal and commercial life. It is the key means by which individuals and businesses are able to reduce the financial impact of a risk occurring. Reinsurance is equally significant: it protects insurers against very large claims and helps to obtain an international spread of risk. Insurance and reinsurance plays an important role in the world economy. It is an increasingly global industry, with the emerging markets of Brazil, Russia, India and China developing apace. The insurance and reinsurance industry is remarkably resilient. In recent times it has been severely tested, but has passed the test on every occasion. Three examples spring to mind. As a lawyer steeped in the London market the first is the source of some personal pride. In the late 1980s and early 1990s the Lloyd s market suffered enormous losses arising largely as a result of a combination of asbestosis and pollution-related claims and the market practice, prevalent at the time, of placing inter-syndicate excess of loss retrocession in respect of catastrophe losses, commonly known as the London Market Excess of Loss (LMX) spiral. Those losses ultimately led to a plethora of litigation and forced many Lloyd s Names to cease underwriting. The scale of the losses also affected the solvency and liquidity of Lloyd s. In 1996 Lloyd s implemented a reconstruction and renewal (R&R) plan, a complex market restructuring. Ultimately Equitas was established to reinsure and run off the 1992 and prior years liabilities of the Names. In November 2006 National Indemnity Company, a member of the Berkshire Hathaway Group, reinsured all the liabilities of Equitas and Resolute Management Services Ltd, another member of the Berkshire Hathaway Group, took over responsibility for the run-off. On 25 June 2009 the English High Court approved the transfer of the 1992 and prior business of the Names to Equitas with the effect that, as a matter of English law, Lloyd s Names no longer have any liability for the 1992 and prior years losses. This restructuring has been extremely successful in enabling Lloyd s not only to continue operating but to improve and enhance the service it provides. Lloyd s is today undoubtedly the world s leading market for internationally traded insurance and reinsurance. vii

13 Editor s Preface The second test of the insurance and reinsurance market was the financial crisis of While there were some high-profile casualties, in general the industry was able to withstand events better than other financial institutions, certainly better than the banks. With the exception of specialist lines such as directors and officers (D&O) and trade credit insurance, insurers and reinsurers suffered relatively little exposure to the financial market losses. The traditional insurance and reinsurance sectors were largely onlookers. Indeed I would go further and suggest that they arguably helped to provide a stabilising effect, given the nature of their business model and in particular a conservative investment approach. If the crisis has triggered a more stringent regulatory regime for financial services generally that is no bad thing, but it should not be forgotten that insurance activity neither led to, nor was unduly affected by, that crisis. Finally, the natural catastrophes and man-made disasters of 2011 and 2012 have caused not only human tragedy and loss of life but also enormous insured losses. A 28 March 2012 study by Swiss Re (based on data from its sigma database) revealed that, altogether, natural catastrophe insured losses came to around US$110 billion, while losses from man-made disasters were around US$6 billion, making 2011 the secondhighest catastrophe loss year ever for the insurance industry was dominated by weather-related events in the United States, most notably Hurricane Sandy. On 19 December 2012, again based on sigma data, Swiss Re estimated that insurance losses arising from the catastrophic events of the year were set to reach approximately US$65 billion. The figure is of course moderate compared with 2011 but Swiss Re notes that it is above the average of the past 10 years. The events of 2011 and 2012 provided significant challenges for the insurance and reinsurance industry for a number of reasons one being the sizeable impact they had on manufacturing around the world, something that had not fully been appreciated in advance. However, the industry proved to be highly effective in overcoming these challenges. Despite losses on a historic scale and a difficult economic climate, it played a key role in bringing financial relief to populations, businesses and governments suffering from the effects of the disasters. Events such as these test not only insurers and reinsurers but also the rigour of the law. From the English perspective, the Lloyd s Insurance and Reinsurance Reports, issued almost monthly, are never short of material to fill their pages. Insurance and reinsurance disputes provide a never-ending array of complex legal issues and new points for the courts and arbitral tribunals to consider. Taking the natural catastrophes as an example, these have thrown up issues of causation, claims notification, cooperation and control, the effect of follow the settlements provisions and aggregation, to name but a few. There are many insurance and reinsurance publications available. However, in this increasingly globalised industry there is a need for a source of reference that analyses recent developments in the key jurisdictions on a comparative law basis. This volume, to which leading insurance and reinsurance practitioners around the world have made valuable contributions, seeks to fulfil that need. I would like to thank all of the contributors for their work in compiling this volume. Peter Rogan Ince & Co London April 2013 viii

14 Chapter 1 Argentina Martín Manzano and Ignacio Shaw 1 I INTRODUCTION The Insurance Act and the Insurance Companies Act together with several regulations issued by the National Superintendency of Insurance ( NSI ) constitute the legal and regulatory framework of the Argentine insurance market. In 1998, renowned Argentine jurists drafted a project to replace these laws, but the project was never enacted. There is a very strong presence of foreign insurers operating in the Argentine market. Since the legislation establishes that risks within Argentina must be insured with insurers duly authorised to operate in the Argentine market, the larger presence of international insurers does not affect the domestic total premium. This means that in all transactions there must be a policy issued in Argentina. Foreign insurers may act in the Argentine market by obtaining the authorisation of the NSI or by achieving stocks from an authorised insurance company. Some have a strong presence and distribution networks, such as Mapfre, Zurich, AIG, Allianz. Others have only small operations oriented towards the corporate business. The reinsurance market was monopolised between 1945 and 1992 by the National Reinsurance Institute ( INdeR ), a state-owned entity. Between 1989 and 1992 the INdeR was liquidated and the reinsurance market demonopolised, allowing access to numerous top international reinsurers. In 2011, through Resolution 35,615 and other ancillary regulations issued by the NSI, a new reinsurance regime was established. Pursuant to the new regime, foreign reinsurers must comply with further requirements in order to operate in the Argentine reinsurance market. 1 Martín Manzano is a partner and Ignacio Shaw is an associate at Manzano, López Saavedra & Ramírez Calvo (MLSRC). 1

15 Argentina II REGULATION i Insurance regulator The insurance and reinsurance market in Argentina is highly regulated. The law empowers the NSI to regulate all aspects of insurance activity. Regulatory issues are governed by the Insurance Companies Act (Law 20,091 of 7 February 1973), which was implemented by the General Insurance Regulation (Resolution 21,523/92 and its amendments). ii Position of non-admitted insurers Argentine risks can only be insured with insurers authorised to carry on insurance business in Argentina by the NSI. Section 2 of Law 12,988 (as amended) provides that insurance coverage for persons, assets or any other insurable interest located in Argentina must be purchased from Argentine-licensed insurance companies. Only the insured and the broker are subject to sanctions for the violation of such provision, consisting of a fine of up to 25 times the amount of the premium. The non-admitted insurer is not subject to Argentine legislation forbidding offshore insurance. Therefore, although the insurance contract may potentially be considered null and void in Argentina (based on the provision of Article 1207 of the Civil Code), the sanctions for an infringement of Argentine offshore insurance regulations would not be applied to the foreign insurer. iii Position of brokers As is the case of the insurers and reinsurers, in order to carry on insurance and reinsurance brokerage business in Argentina, prior authorisation of the NSI is required. iv Requirements for authorisation Pursuant to Section 2 of the Insurance Companies Act, only the following entities are allowed to carry on insurance business in Argentina, with the prior authorisation of the NSI: (1) stock corporations, cooperatives and mutual insurance associations; (2) branches or agencies of foreign insurers, as long as they are organised as one of the types of entities described in (1); and (3) state-owned or mixed state-private entities (national, provincial or municipal entities). The main requirements to obtain this authorisation are the following (Section 7, Insurance Companies Act): a the entities must be duly incorporated according to general law and the specific requirements of the Insurance Companies Act (and its regulations); b the exclusive corporate purpose of these entities must be insurance operations. Insurers may grant bails or guarantees as long as such operations are economically and technically approved by the NSI as an insurance operation; c the lines of insurance for which the authorisation is sought must be specified in the application; d the relevant entity must comply with the minimum capital requirements and the minimum duration requirements according to the specific line of insurance; and e the entities insurance plans must be submitted for approval. 2

16 v Foreign insurers Argentina General Foreign insurers may operate in the Argentine market by: a establishing a branch in Argentina and obtaining the authorisation of the NSI; or b participating as shareholders of an Argentine-registered insurance company. In both cases the prior authorisation of the NSI is required, in addition to the approval by the relevant corporate authorities. Main requirements to obtain the authorisation from the NSI In order to obtain the authorisation from the NSI to carry on insurance business in Argentina, the following requirements must be fulfilled: a reciprocity: foreign companies may be authorised on the basis that Argentine insurers may also be allowed to carry on insurance business in the jurisdiction where the foreign insurer is incorporated; b local representative: the company must appoint a local representative with sufficient powers to act in administrative proceedings before the NSI and in judicial proceedings; c compliance with general requirements: the main requirements are mentioned above (see Section II.iv, supra); and d financial statements: the applicant must file the financial statements of the last five fiscal years and establish assets of a prescribed value in Argentina. The NSI will decide considering the information submitted by the foreign applicant and whether it is convenient for the Argentine market. Transfer of shares from a registered insurance company Pursuant to NSI Resolution 32,582, previous authorisation of the NSI is required for a shareholder to acquire more than 5 per cent of the capital of an existing insurance company. The transaction cannot be closed until the authorisation is obtained. vi Compensation and dispute resolution regimes (within the financial services context) In Argentina there is no specific regime of dispute resolution for the financial services context. See Section IV, infra, for the general principles of dispute resolution in Argentina. III INSURANCE AND REINSURANCE LAW i Sources of law Argentina is a civil law jurisdiction. Thus, the statutes passed by the National Congress are the main source of law. In the insurance market, the main laws enacted by Congress are the Insurance Act (Law 17,418 of 6 September 1967), which deals mainly with the insurance contract and contains a few guidelines on reinsurance; the Insurance Companies Act (implemented by the General Insurance Regulation), which provides the regulatory framework of the 3

17 Argentina insurance activity; and NSI Resolution 35,615, which establishes the legal framework for the reinsurance activity in Argentina. There are, however, other sources of law, including case law, custom and usage, and general principles of law. ii Making the contract Pursuant to Section 1 of the Insurance Act, an insurance contract exists when the insurer assumes the obligation, by means of a premium or quotation, to compensate a damage or perform an agreed action if the foreseen event occurs. Entering into an insurance contract usually consists of the following stages: The proposal form According to Section 4 of the Insurance Act, the insurance contract is consensual (i.e., it is entered into by the parties consent, and it enters in force from that moment, even before the policy is issued). The proposal does not bind the insured or the insurer, and it may be subject to prior knowledge of the general conditions. If there are any differences between the proposal form and the terms of the policy, such differences shall be considered accepted by the insured if no claim is made within a month of having received the policy (Section 12 of the Insurance Act). Quotation Under some circumstances the quotation of the premium may be fixed or made available to the prospective insured prior to the proposal being placed. The quotation of the premium by the insurer may be deemed an offer made to the insured. Consequently, the quotation shall not be binding until it has been accepted by the insured (Section 1150 of the Civil Code). Placement An insurance contract is deemed to be concluded when the proposal of the insured is accepted by the insurer or when the insured accepts the quotation placed by the insurer (if the quotation is fixed or available to the insured prior to the proposal being placed). From this moment the insurance contract is binding. Evidence of contract The insurance contract can only be evidenced in writing. Other means of evidence are admitted if there is any form of written proof that may indicate the existence of the contract (Section 11 of the Insurance Act). Utmost good faith, disclosure and representations The duty to act in good faith is essential in insurance law and binding on the insured and the insurer. Good faith is a general principle of contractual law and the parties of any contract are required to act in accordance with it (Section 1198 of the Civil Code). Wilful misconduct is defined by Section 931 of the Civil Code as any action or omission performed fraudulently or deceitfully or an intentional assertion of what is false or distortion of the truth. The burden of proof of wilful misconduct lies on the party alleging it. 4

18 Argentina There is an ongoing debate as to whether the duty to act in good faith is greater in insurance contracts than in other contracts. Many scholars and courts contend that the parties to an insurance contract are bound to the duty to act with the utmost good faith, which they believe to be of a superior hierarchy than the ordinary duty to act in good faith required in other types of contracts. In the Touring case, 2 the court held that the standard to be applied should be that the parties to an insurance contract perform their obligations as if they were their counterparties. Any non-disclosure or misrepresentation or any failure to disclose material circumstances known by the insured before the contract is concluded, even if made in good faith, which in the opinion of experts could have prevented the insurer from entering into the contract or modified its conditions if the insurer had been aware of the real status of the risk, makes the contract null and void (Section 5 of the Insurance Act). If the failure to disclose was not wilful, the insurer may, at its sole discretion, annul the insurance contract (by returning the collected premium with a deduction of the applicable expenses) or readjust the premium with the consent of the insured. However, if the insured acted wilfully, in principle the insurer may keep the premium and annul the contract. iii Interpreting the contract General rules of interpretation As mentioned above, the main rule of interpretation is good faith: contracts shall be construed in accordance with what the parties understood or could have understood acting with caution and care (Section 1198 of the Civil Code). The general rules of interpretation are established both in the Civil Code and the Commercial Code. The main rules of interpretation can be summarised as follows: a The wording of the contract is its first source of interpretation. Terms and conventions must be construed according to the general use, even if any of the parties claims to have understood them differently (Section 217 of the Commercial Code and Section 1197 of the Civil Code). b Clauses that may be construed in different ways shall be interpreted in the sense that better applies to the nature of the contract and equity (Section 218, paragraph 3 of the Commercial Code). c The conduct of the parties shall be the best explanation of their true intention at the time of executing the contract (Section 218, paragraph 4 of the Commercial Code). d Section 11 of the Insurance Act provides that the insurance policy must be clearly written and be easily readable. Based on this Section, courts and authors generally consider that ambiguous or obscure clauses must be construed against the insurer. e When a situation is not specifically regulated under insurance law, the courts may apply, in this order of priority: (1) the general spirit of the law; (2) the principles set forth in analogous laws and regulations; (3) or the general principles of law, contemplating the particular circumstances of each case (aequo et bono). 2 CNCom., sala A, 05/19/99, Touring Coop. de Seg. Ltda. c/ Villar Segovia Luis, 2000 D LL 25. 5

19 Argentina Currently there is a trend in Argentine courts to apply the rules of consumer law to the insurance contract, in favour of the insured, in matters such as statute of limitation (one year under the Insurance Act, extended to three years under the Consumer Defence Act, Law 24,240) and general interpretation of contracts. Incorporation of terms and types of terms in insurance contracts The terms and conditions of the insurance contract must be inserted in the wording of the insurance policy. Any amendment to the policy must also be issued in writing and executed by the parties. This is a consequence of the general principle established in Section 11 of the Insurance Act, according to which the insurance contract can only be evidenced in writing, and other means of evidence may be admitted if there is any form of written proof that may indicate the existence of the contract. As mentioned above, any ambiguous or obscure terms shall be construed against the insurer. Under insurance law, there are few specific rules concerning the incorporation of terms, which mainly refer to the notice to the insured of relevant terms (e.g., exclusion clauses must be fully listed in Annex 1 of the insurance policy, so the insured can easily identify all the exclusion clauses applicable (Section of the General Insurance Regulation)). Warranties Under Argentine insurance law there are no warranties. Conditions precedent The Insurance Act does not refer to the concept of conditions precedent. Instead, the concept of cargas y obligaciones is used, which translates as duties and obligations of the insured. Under the insurance contract the insured assumes obligations and duties both by law and convention, in addition to the main obligation of paying the premium. A breach by the insured of a legal or conventional duty or obligation may entitle the insurer to repudiate liability. Conditions Pursuant to Section 158 of the Insurance Act, there are certain rules of the Insurance Act that cannot be modified by the parties. These rules involve: non-disclosure (Section 5); wilful non-disclosure (Section 8); losses occurred during the term of three months in which the insurer may challenge the contract due to non-disclosure (Section 9); adjustment of the premium due to risk decrease (Section 34); and the duty to notify the insurer of any aggravation of the risk (Section 38). Other rules enumerated in Section 158 can only be modified in favour of the insured. These modifications cannot be included within the general conditions of the contract. The general terms and conditions of an insurance policy, as well as any additional clauses require the approval of the NSI. 6

20 iv Argentina Intermediaries and the role of the broker General Brokers activity in Argentina is governed by the Insurance Intermediaries Act (Law 22,400 of 18 February 1981). Section 1 of the Insurance Intermediaries Act defines brokers activity as promoting the agreement of insurance contracts and advising the insured parties. The NSI is in charge of the authorisation and registration of insurance intermediaries (Section 3 of the Insurance Intermediaries Act). Conduct rules The general rules of conduct for brokers are not jointly enumerated in the Insurance Intermediaries Act, although most of them can be found in Section 10, among the general duties of intermediaries. The following are the main rules of conduct applicable to brokers, based on the provisions of the Insurance Companies Act, the Insurance Intermediaries Act and other relevant insurance regulations, as well as the opinion of Argentine jurists: a they must perform their activity in accordance with all the applicable legal requirements (Section 55 of the Insurance Companies Act); b respect the interest of both the insurer and the insured, giving the insured proper advice and detailed information, as well as fully complying with their obligations towards the insurer (Section 10 of the Insurance Intermediaries Act); c verify and control the status of the risk, advising the insured and reporting any modification of the risk to the insurer (Section 10 of the Insurance Intermediaries Act); d make sure that the proposal form and the terms of the insurance contract match correctly. If there are any differences, such differences shall be considered accepted by the insured if no claim is made within one month of having received the policy (Section 12 of the Insurance Act); e comply with the advertising requirements applicable to insurers (Section 10 of the Insurance Intermediaries Act); f comply with all of the record-keeping requirements imposed by the NSI and general commercial law (Section 10 of the Insurance Intermediaries Act); g act in good faith, avoiding any practice that involves falsehood or exaggeration of the benefits and coverage provided by the insurer (Section 12 of the Insurance Intermediaries Act; Section 55 of the Insurance Companies Act); h report to the NSI any circumstance that may imply an impediment to operate as an insurance broker (Sections 8 and 10 of the Insurance Intermediaries Act); and i provide registration documents, whenever these are requested (Section 10 of the Insurance Intermediaries Act). Agency/contracting Pursuant to Section 54 of the Insurance Act, insurers can appoint representatives or agents with sufficient powers to act on their behalf. The general rules of the powers of attorney are applicable to these agents. 7

21 Argentina The power granted to enter into insurance contracts authorises the agent to agree to amend or extend insurance contracts, as well as receiving notifications and drawing up declaration of rescissions, unless its powers have been expressly limited by the insurer. If the agent is appointed for a specific geographical area, the powers granted are limited to such area (this includes assets located or persons who have their usual residence in such area). How brokers operate in practice Pursuant to Section 2 of Law 22,400, there are two types of insurance brokers: a a direct broker: an individual who promotes the agreement of insurance contracts and advises insured parties; and b an organiser broker: an individual who instructs, directs or advises direct brokers, as a part of an organisation of at least four direct brokers, one of whom may act as the organiser broker. As mentioned above, the Insurance Act also refers to agents (Sections 54 and 55), who are appointed by an insurer and granted sufficient powers to act on its behalf and enter into insurance contracts. These agents may be assigned exclusive geographical areas. The Insurance Intermediaries Act provides that brokers can organise companies, which can also be registered as insurance brokers (Section 20). These companies must provide their services only through the activity of registered brokers. Brokers have an active part to play when a loss occurs, as they usually channel the communications between the insured and the insurer. v Claims Notification Argentine law requires the insured to give notice of loss within three days after the insured has knowledge of the loss (Sections 46 and 115 of the Insurance Act). The time limit for giving notice of loss may be extended but not shortened by the insurance policy. For example, errors and omissions (E&O) and directors and officers liability (D&O) insurance policies usually contain extended terms, which are valid under Argentine law. Depending on the circumstances of the case, late notification of the loss may entitle the insurer to reject coverage (Section 47 of the Insurance Act). Good faith and claims In case of a loss, the insured must promptly give notice of it (as stated above, within three days from the occurrence unless a longer term has been agreed) and provide the insurer, at its request, with all the necessary information to investigate and adjust the claim. In addition, the insured must refrain from changing the status of the property affected by the loss. The insurer, in turn, must avoid unnecessary delays in investigating the loss and accept or deny coverage within 30 days (Section 56 of the Insurance Act) under penalty of the coverage deemed accepted. If the insured fraudulently breached its duty to provide the necessary information to investigate and adjust the claim or fraudulently exaggerated the loss or provided false evidence of it, the insurer shall be released from its obligation to cover the loss. In these 8

According to section 53 of the Insurance Act the insurance intermediary is only empowered with respect to the transaction in which it takes part to:

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