Uncertainty reigns and among the top dilemmas are “do these policies cover administrative fines too?”
38% of US states already have a cyber-insurance with Georgia topping the list for coverage ($100M for “only” $1,8M per year).
Clients from CE are already looking into it.
Axa designed this website and created this blockchain-powered system to let users automatically sue for fligh delays.
Plot: an investor wants revenues and no taxes to pay. He purchases a private-placement life-insurance policy. The insurance company plans investments in alternative assets such as hedge funds, where profits are taxed as “capital gains”, but, since these involve an insurance company (subject to certain restrictions), the dough is tax-free.
Happy ending: No levies on death benefits
Update to CAT2.0 policy to include business interruption coverage (specially aligned with traditional property insurance policies) as well as new coverage for cyber data liability caused by a physical event.
Just some dozen’s to be moved so far, in the capital of Europe (a great place for lobbying too).
No more industry-exemption, but compliance check to competition laws. This case-by-case analysis should not, anyway, affect too much insurance companies, since after 2010’s review something similar had already been achieved.
Following the despicable outcome of Sprung v Royal Insurance (UK) Ltd (late payments for 4 years and insured out of the business as a consequence), the Insurance Act 2016 introduces section 13A “‘(….)if the insured makes a claim under the contract, the insurer must pay any sums due in respect of the claim within a reasonable time’”.
Applicable to any insurance contract on or after May 4, 2017.
Such exemption has been used, for example , to share information on pool historic loss (potentially harming competition and rising premia).
On the other side, this could burden further insurance companies, already under compliance duties at state level.