Insurance Law in CyprusUpdated on Thursday 28th April 2016
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Insurance activities in Cyprus are regulated by a set of rules and regulations, established under the Insurance Services and Other Related Issues Law (Insurance Law). Companies with activities in the field of insurance operate under this legislation. Foreign investors interested in opening a company in Cyprus can receive assistance on this matter from our team of lawyers, who can provide legal advice on the legal entities available here.
Regulatory framework in Cyprus
The insurance legislation is applicable to all types of insurance companies:
• insurance companies with activities in Cyprus;
• insurance companies with activities outside Cyprus, but which were incorporated as a Cypriot business;
• brokers, agents or mediators in the insurance domain.
The legislation is applicable for insurance businesses established in the European Union (EU) and the European Economic Area (EEA) which provide insurance services on the territory of Cyprus; our lawyers can provide you with more details on this matter.
Insurance regulatory bodies in Cyprus
The main regulatory body in terms of insurance is the Superintendent of Insurance, which can issue licenses for insurance companies and it supervises the activity of such organizations. However, the policies established for the insurance market are regulated by the Insurance Advisory Committee, which can impose new measures in order to make financial improvements in this sense.
Insurance contract in Cyprus
Insurance Law stipulates that a contract signed between an insured and the insurance company is regulated by the Contract Law. The insured person is not defined only by the person who has signed a contract, but also to the persons the insured mentioned as direct beneficiaries.
Insurance activity in Cyprus functions under the Freedom of Services, a directive of the European Union which allows insurance companies established in the EU to sell their contracts to Cyprus’ citizens.
If you need further information on the insurance law in Cyprus, please contact our team of attorneys, who can provide you with legal assistance tailored to your needs.