The following Dispute Resolution guidance note Produced in partnership with Mark Pring of Reed Smith LLP provides comprehensive and up to date legal information covering:
Brexit: The UK's departure from the EU on exit day, ie Friday 31 January 2020, has implications for practitioners considering applicable law. For guidance, see: Cross border considerations—checklist—Applicable law—Brexit specific.
This Practice Note looks at the insurance contract provisions in Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). Definitions are provided and the different provisions for large and non-large risk contracts are explained in terms of choosing the applicable law, failure to choose, escapes routes and EU Member State derogation. Insurance cover obligations are explained as is how to determine where the risk is situated. Provisions for reinsurance contracts are briefly considered. Finally, whether Regulation (EC) No 593/2008, Rome I or Regulation (EC) No 864/2007, Rome II applies when dealing with vehicle accidents or third party rights against insurers is explored.
The extent to which insurance contracts were covered under the Rome Convention was very limited; they were instead governed by various EU insurance directives.
Regulation (EC) No 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Regulation (EC) No 593/2008, Rome I) marks a radical departure from this approach and is intended to bring the relevant provisions from the directives into
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