Insurance Litigation in CyprusUpdated on Thursday 24th December 2015
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Insurance legislation in Cyprus
Cyprus has a well-established insurance industry which is governed by strict regulations. The main legislation referring to insurance in Cyprus is the Insurance Services and Other Related Issues Law, simply known as the Insurance Law. The legislation covers the following:
- - insurance and reinsurance companies registered in or outside Cyprus;
- - insurance and reinsurance companies registered in Cyprus but providing services outside the country;
- - Cypriot insurance brokers, agents, mediators or advisers.
No matter how well organized and strict the Cypriot Insurance Law is, there are cases in which litigations occur. If you need assistance in litigation cases involving insurance, you can rely on our lawyers in Cyprus.
Litigation related to insurance claims in Cyprus
Insurance litigation cases usually appear when an insurance company fails to make payments related to the insurance policy. The legislation does not provide for a minimum amount of time an incident covered by an insurance contract must be announced; therefore, each insurance company in Cyprus has the right to establish its own regulations. However, any legal action filed against insurance companies must abide by the Limitation of Actions Law. Our law firm in Cyprus can provide you with more information about this law.
Disputes related to insurance claims are usually tried by Cypriot courts once the insured party files a petition with the registrar of the district court handing the procedure. The court will first issue a writ of summons followed by the pleading stage in which each party will introduce and present their evidence.
Resolution of insurance litigation in Cyprus
In case of insurance disputes, the court can only award damages for the breach of the contract and can also order the return of the insurance premiums with interest. If not satisfied with the decision of the district court, the plaintiff can refer to the Cypriot appellate courts. However, insurance cases can also be taken before the Arbitration Court in Cyprus for a simpler, faster and less time consuming resolution.
If you need legal representation in litigation cases related to insurance policies in Cyprus, do not hesitate to contact our law firm.