INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES by Eric Burgeat

By Eric Burgeat

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Extra info for INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES

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52 The validity of existing contracts is not affected. However, there might be a transfer of the contracts to another company (regulated in all Member countries but the United Kingdom). In some Member countries (Czech Republic, Denmark, Finland, Hungary, Iceland, Italy, Japan, Mexico, Norway, Switzerland, Turkey and the United States), the insured have an extraordinary right to terminate their insurance contracts. , in Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Japan, Korea, Mexico, Norway, Portugal and the United States).

If these measures still do not show any result, the supervisory body of the host country may prohibit the foreign insurer from writing insurance under the freedom of services in its territory. All OECD Member countries provide their supervisory authorities with the right to periodically or on a case-by-case basis perform on-site inspections at the head office of domestic insurance companies; the majority of countries allow these inspections at establishments of branches of foreign companies - with regard to their domestic business - as well (with the exception of Australia).

In some Member countries (Czech Republic, Denmark, Finland, Hungary, Iceland, Italy, Japan, Mexico, Norway, Switzerland, Turkey and the United States), the insured have an extraordinary right to terminate their insurance contracts. , in Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Japan, Korea, Mexico, Norway, Portugal and the United States). In almost all Member countries, the decision of suspension, termination or withdrawal of the license may be appealed in the courts (appeal to supervisory body in Czech Republic, Korea and Portugal).

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