Earlier this year, a Chilean court found an insurance broker
liable to an insurance beneficiary for failing to obtain the
insurance coverage requested, which led to the insurer denying the
beneficiary's claim for disability benefits. Silva v.
Vorbezza, C-7077-2007 (Juzgado Civil de
The court found that a workers association had requested that
the broker obtain death and disability coverage for its members,
including in the event that they were injured in the course of
their work as horsemen. The broker obtained death and disability
coverage for the organization's members, but the policy
contained an exclusion for death or injuries occurring during the
beneficiaries' professional work.
The beneficiary plaintiff suffered an injury while engaged in
horseback riding and suffered 70% disability. The insurer denied
coverage and the beneficiary brought suit against the broker. The
court found the broker liable for failing to obtain the requested
coverage and imposed damages in the amount that would have been
recoverable under the insurance policy had it been properly
The court further refused to dismiss the beneficiary's claim
on the basis that the four-year time bar had passed, finding that
the broker's communications with the beneficiary interrupted
the running of the time bar. There is some question whether this
further holding is supportable under Article 2518 of the Chilean
Civil Code, which requires that a defendant recognize an
obligation, not simply correspond with a plaintiff, in order to
interrupt the time bar.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Venezuela remains an enticing and daunting jurisdiction in 2010, as the government continues to intervene in the financial services and other major industries and the insurance industry faces the prospect of a new comprehensive insurance law.
As part of the regulatory framework related to the reinsurance business in Argentina, regulated by Resolution No 35.615 of the Superintendency of Insurance of Argentina (Superintendencia de Seguros de la Nación - "SSN"), effective Resolution SSN No 36.332 establishes the minimum requirements to be fulfilled by insurance companies intending to apply for an exemption so as to be authorized to execute certain reinsurance agreements duly specified with foreign reinsurance companies performing operat
Since early this year the Argentinean Superintendence of Insurance (the "ASI") has been
preparing regulations, which took everyone by surprise, and which will change Argentinean
business for non-Argentinean reinsurers.
In August 2008, Costa Rican President Dr. Oscar Arias Sanchez signed into law Costa Rica’s new Ley Reguladora del Mercado de Seguros, thereby ending the Instituto Nacional de Seguros’ (INS) more than eighty-year-old monopoly over the country’s insurance industry.
Brazil's insurance regulator, the Superintendency of
Private Insurance, recently issued regulations
establishing that cessions to occasional reinsurers by Brazilian insurers may not exceed 10% of
the total premiums ceded to reinsurers.
The main purpose of the Bill is to (i) regulate mortgage credit insurance (seguro de crédito a la vivienda) and financial guarantee insurance (seguro de garantía financiera); (ii) transform the legal framework currently applicable to the participation of foreign governments and foreign official entities in the capital stock of Mexican insurance companies.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”