Insurance Law Research Articles

Social Security Contributions and Corporate Financing Decisions: Evidence from China’s Social Insurance Law

This paper investigates whether social security contributions affect corporate financing decisions. Treating the 2011 Social Insurance Law in China as a quasi-natural experiment, our difference-in-differences framework utilizes two-dimension variations: initial social security contribution rates across firms (i.e., high relative to low) and year (i.e., before and after 2011). We find that more social security contributions lead firms to decrease capital structure, particularly for firms with greater labor intensity and tighter financial constraints as well as those located in areas with greater fiscal pressure. Furthermore, consistent with the financial distress hypothesis, a firm’s operating leverage and profitability volatility increase, and the supply of trade credit decreases. Specifically, we exclude several alternative explanations, including firms’ other motivations and creditors’ strategic behavior. Our findings demonstrate that firms tend to choose conservative financing policies to partially mitigate the likelihood of financial distress caused by increasing social security contributions.

Oncology clinical trials and insurance coverage: An update in a tenuous insurance landscape

The heterogeneous state and federal insurance laws for oncology clinical trial coverage are confusing for health care providers, patients, and other stakeholders. Clearer explication and education about clinical trial coverage are needed to improve patient access.

Tinjauan Maṣlaḥah terhadap Metode Istinbāṭ Fatwa Majelis Ulama Indonesia tentang Asuransi Jiwa

In the Qur'an and al-Hadith there are no provisions that explicitly regulate insurance. Therefore, this insurance includes the issue of ijtihadiyah, it means that to determine the law of insurance whether halal or haram, it requires the role of fiqh scholars through ijtihad. This study uses descriptive analysis in which the authors describe all data about life insurance in a systematic, careful and factual with deductive pattern to propose theories or general propositions about maslahah then analyzing data on the basis and substance of Indonesian Ulema Council (MUI) fatwa on life insurance to obtain specific conclusion. This study concludes that the background of the emergence of the MUI fatwa on life insurance is due to public question about life insurance, whether the legal status or its activity are in accordance with the Shari'ah. The legal basis used by MUI in establishing fatwa on life insurance is the Qur'an, al-hadith and fiqh muamalah. MUI fatwa used istinbat method to regulate the life insurance viewed from the concept of maslahah is called maslahah the mu'tabarah (acceptable).

Pre-contractual Information Duties of Insurers. A German and Polish Approach

Information is the key element of consumers and customers protection in insurance. Implementation of Insurance Distribution Directive (IDD) by EU member states in 2018 was yet another step – at least in theory – in expanding access to basic knowledge about insurance products. Nevertheless, despite certain new solutions included in IDD, pre-contractual duties of insurers still remain primary source of mentioned information for policyholders. EU member states have adopted various approaches to IDD implementation and – in particular – legal shape of pre-contractual obligations of insurance contract parties. Hence, the purpose of this paper is to introduce contemporary perspective on insurers pre-contractual information duties in German and Polish legal systems. First part includes a basic outline of insurance law in both countries in scope of IDD implementation. It is followed by comparative commentaries on “demands-and-needs test” as well as general information duties set out i.a. in German Insurance Contract Act (VVG) and Polish Insurance Distribution Act (UDU).The paper closes with certain conclusions and findings.

The efficiency of Jordan insurance companies and its determinants using DEA, slacks, and logit models

Purpose The purpose of this paper is to evaluate the technical efficiency in the Jordan insurance market and examine the internal and external determinants that appear to affect the technical efficiency of the insurance companies. Design/methodology/approach The study used panel data for 22 insurance companies operating inside Jordan over the period 2000–2016. The author used the data envelopment analysis to evaluate the technical efficiency scores, slacks-based and logit models to examine the efficiency determinants. Findings The study found that there is a slight development of technical efficiency for the Jordanian insurance companies during the study period. In addition, there is a substantial efficiency difference among insurance companies each year, and there is a variation at the level of efficiency for each company in each year. The results also showed that owners’ equities are among the most important internal determinants of companies’ efficiency, and there is a significant correlation between type, size and return on assets of the insurer and its efficiency. Originality/value This study provides insurance management with relevant indicators that would guide them to make efficient use of the resource base. The period of study also covers the period following the adoption of the insurance law and the issuance of most of the legislation related to the work of insurance companies.

Statutory Reform of the Doctrine of Uberrimae Fidei in Insurance Law: A Comparative Review

AbstractThe common law doctrine of uberrimae fidei is pivotal to all contracts of insurance. It imposes a duty on the parties to act towards each other with utmost good faith by disclosing all material facts and not misrepresenting any fact, either before the contract is formed or while the contract subsists. This article examines the doctrine and its statutory reforms in Nigeria and the United Kingdom. It argues that, before the statutory interventions, the iniquitous doctrine was a potent weapon, most often used by insurers to defeat just and legitimate claims by an insured. Although the legislation has brought some measure of relief to the insured in these jurisdictions, the article concludes that there are still some grey areas in the Nigerian law that need to be addressed to further the cause of justice between the contracting parties.

The Legal Analysis for the Need-assessment Process in Japan Long-term Care Insurance Law

The Legal Analysis for the Need-assessment Process in Japan Long-term Care Insurance Law

What Happens When Insurers Make Insurance Laws? State Legislative Agendas and the Occupational Makeup of Government

Do the occupational backgrounds of politicians affect the government's agenda? Businesses have long thought so. The first occupational data on state legislators were collected by the Insurance Information Institute, an interest group representing major insurance companies. In this paper, we test one potential motive for these kinds of efforts: the idea that the occupational makeup of governments affects the agendas they pursue, an argument that has been largely neglected in research on politicians' occupational backgrounds. We focus here on the insurance industry. Using original data, we find that state legislatures with more former insurers consider fewer bills regulating insurance (negative agenda control), that former insurers play a disproportionate role in drafting the insurance bills that are introduced (positive agenda control), and that the bills former insurers introduce tend to be more favorable to the industry than those that their colleagues introduce (positive agenda control). The occupational makeup of legislatures may indeed affect their agendas, as industry groups have long suspected.

A Study of Insurers’ Duty to Adjust Claims

The legislation and interpretation of the rules for insurers to adjust claims ought to be based on the policy of fast and justifiable payment. Upon this agreement, it is necessary to improve the status of insurers’ duty to adjust claims so as to better regulate the insurance claims. The endowment of such an independent duty contributes to rising to prominence in the legal system of claim settlement, which can also serve the purpose of defining the legal character of the duty to adjust claims and implement efficient claim settlements. The legal nature of the duty to adjust claims can be categorized as obliegenheit”. In this case, insurers’ duty to adjust claims can be understood from the perspective of the rationale of the obliegenheit rather than trying to start from scratch. Thus, insurers’ duty to adjust claims would be integrated into the existing system. On the other hand, the obliegenheit could be strongly in support of the systemization of the rules concerning the duty to adjust claims. To establish whether an insurer breaches its duty, it is meaningful that the required time limits in law are employed to show if the insurer carries his duty to adjust claims. To be specific, in contrast with the current rule, the starting point for insurers to adjust claims should be set at the time the insured notice the insured risk to the insurer. Nevertheless, the 2009 amendment of finishing complicated adjustments in 30 days should be hold on in the insurance law. Additionally, extra requirement of the duty to inform concerning the insured risk should be added in the amendment of insurance law. Once an insurer breaches its duty to adjust claims, the insurer shall face the consequences of the deprivation of the capacity to adjust claims and possible compensation for damages. The deprivation of the capacity to adjust claims results from insurers’ indifference to the time limits set in law for insurers’ duty to adjust claims. As for the compensation for damages, it is because of the inextricable link of insurers’ duty to adjust claims and the following payment of the insurance money that makes compensation for damages possible. Moreover, insurers may bear spiritual damages and punitive damages for their bad faith tort so as to effectively protect the legitimate rights of the insured.

La reforma a la ley inglesa de seguros – The Insurance Act 2015- comentarios preliminares con especial referencia a las modificaciones en materia de garantías (Warranties)

El presente artículo busca acercar al lector comentarios preliminares sobre ciertos aspectos destacados de la nueva o última Ley inglesa de seguros, la Insurance Act 2015, en vigencia desde agosto de 2016, en especial las modificaciones que la misma imprime al régimen de garantías, o warranties. La icónica Ley marítima inglesa de 1906 ha quedado en consecuencia reformada y estas novedades no pueden pasar desapercibidas. Esto ya que las leyes inglesas de seguros, aplicables en su medida a los seguros marítimos, son siempre un referente no solo de derecho comparado, sino por influir en sistemas tan aparentemente distantes como los de Argentina y Uruguay, dada la fidelidad de los mercados mundiales de seguros marítimos a la legislación inglesa en la materia.

Housing Bubbles, Economic Growth, and Institutions

Rising housing prices are accompanied by higher household consumption and firm investment that boost economic growth. However, excessive house price appreciations may distort capital allocation efficiency, for example by crowding out investments in productive sectors, which reduce long-term economic growth. Moreover, house price bubbles are typically unsustainable. Once a housing bubble bursts, credit conditions will tighten due to falling collateral value, leading to a fall in household consumption and employment that cause an economic downturn. Meanwhile, the correction of housing prices may improve investment efficiency and trigger structural reform that subsequently enhances economic growth. We look into the trade-off between the aforementioned effects at different stages of housing cycles and economic growth. Using a quarterly dataset that covers cross-country house prices over four decades, we find that house price appreciations are positively associated with economic growth, while the relationship between house price depreciations and economic growth is highly non-linear, depending on country-specific characteristics. In the absence of confounding crisis in the financial sector, short-lived large house price depreciations, rather than prolonged and modest ones, are positively associated with economic growth. The association between house price depreciations and economic growth is subject to legal systems, mortgage insurance, and personal bankruptcy law.

DEVELOPMENT OF LEGAL REGULATION OF INSURANCE IN LATVIA

The article describes the main development stages of insurance law in modern Latvia. Insurance relationship, regulated by rules of law, have their own characteristics and relevance at the moment. In the given paper the issues of the legal groundwork for the insurance contractual relations in Latvia are considered. Some aspects of insurance law in Latvia – actual problems of legal regulation of insurance. It is considered individual development stages of legal provision of insurance contractual relations in Latvia, some existing problems and are described the possibilities for improving the legal regulation of insurance law in Latvia in accordance with the requirements of the relevant EU Directives on a unified legal space of the EU.

ЗАБЫТЫЕ ВОПРОСЫ СТРАХОВОГО ПРАВА (из научного наследия проф. М.Я. Пергамента 1920-х гг.)*

ЗАБЫТЫЕ ВОПРОСЫ СТРАХОВОГО ПРАВА (из научного наследия проф. М.Я. Пергамента 1920-х гг.)*

Recommendations of the Polish Psychiatric Association for treatment of affective disorders in women of childbearing age. Part III: Approach to pregnancy loss and unsuccessful in vitro treatment of infertility.

This article presents recommendations of the Polish Psychiatric Association regarding approach to pregnancy loss and unsuccessful in vitro treatment of infertility. From the psychological perspective pregnancy loss and perinatal death are amongst the most stressful events in human life - carrying increased risk of developing affective, anxiety or post-traumatic stress disorders. Psychologists, physicians and the rest of the medical staff should provide integrated and individualized care which should be based on respect, empathy and expertise. The necessary phases of support for women experiencing pregnancy loss are: (1) physician providing exhaustive informational support regarding state of health, potential causes of fetal death, further approach and phases of induced labor of the fetus/pregnancy termination/procedure, (2) facilitating psychological consultation at any time and (3) providing exhaustive information on current legal standing (health insurance and labor law). Experiencing recurrent in vitro fertilization failures may result in the emotional consequences similar to those observed in miscarriages. The prolonged frustration may favor developing depressive symptoms and escalate pathological anxiety. We present basic recommendations for psychotherapy and pharmacotherapy in pregnancy loss and unsuccessful in vitro infertility treatment.

2018년 상법 보험편 판례의 동향과 그 연구

2018년 상법 보험편 판례의 동향과 그 연구

Marina Operator Liability Insurance in Croatian and Slovenian Law and Practice

The paper deals with marina operator liability insurance (hereinafter: MOLI) in the context of Croatian and Slovenian insurance law and business practice. The authors analyse, discuss and compare the salient features of MOLI contracts, their standard terms and conditions, scope of coverage and exclusions in Croatian and Slovenian law. The paper describes the relevant business practice in the two Adriatic countries. The analysis is based on the comparative study of the relevant national legislation and private regulation, as well as on the data and documentation gathered by field research, consisting of written questionnaires and live interviews with the representatives of insurance companies and marina operators. Our thesis is that the legal framework in the two observed jurisdictions, as well as the insurers’ private regulation in Croatia and Slovenia are very similar. The aim is to establish the common features of MOLI contracts and of the related practices of marina operators and their insurers in the respective countries and explain the background that has led to the formation of a MOLI product specific for the eastern Adriatic marina industry. Suggestions are given for the improvement of the relevant business practices and administrative requirements regarding the minimum insurance standards imposed on marina operators by the concessioning process.

A Study on the Designation and Change of The Beneficiary by Will - Focused on the Japan Insurance Law -

A Study on the Designation and Change of The Beneficiary by Will - Focused on the Japan Insurance Law -

ІНСТИТУТ СТРАХУВАННЯ ЦИВІЛЬНО-ПРАВОВОЇ ВІДПОВІДАЛЬНОСТІ ВЛАСНИКІВ НАЗЕМНИХ ТРАНСПОРТНИХ ЗАСОБІВ

Актуальність статті полягає у необхідності дослідження місця інституту цивільно-правової відповідальності власників наземних транспортних засобів у системі страхового права. Під час написання дослідження були використані такі методи дослідження: порівняльно-правовий, аналізу, синтезу, індукції, дедукції тощо. 
 Метою цієї статті є визначення місця інституту страхування цивільно-правової відповідальності власників наземних транспортних засобів у системі страхового права. Для досягнення вказаної мети були поставлені такі основні завдання: проаналізувати загальнотеоретичні питання щодо визначення інституту страхування цивільно-правової відповідальності власників наземних транспортних засобів; визначити основні ознаки інституту страхування відповідальності власників наземних транспортних засобів. 
 Авторкою був зроблений висновок про те, що страхування цивільної відповідальності як правовий інститут – це сукупність правових норм, що забезпечують правові, економічні та організаційні основи добровільного та обов’язкового страхування цивільно-правової відповідальності власників наземних транспортних засобів з метою ефективного захисту прав потерпілих на відшкодування шкоди, заподіяної їхньому життю, здоров’ю або майну у разі використання транспортних засобів іншими особами. Страхування цивільної відповідальності можна розглядати (в широкому сенсі) і як підвид – страхування цивільно-правової відповідальності власників наземних транспортних засобів, де, як і за інших видів майнового страхування, основна мета полягає також у відшкодуванні шкоди, яка може ви-ражатися не лише як майнові збитки, але і як обтяження майна страхувальника новими зобов’язаннями. 
 Однак слід зазначити, що в юридичній науці немає досить чітких критеріїв для визнання як правового інституту тієї чи іншої групи норм права. Тому вчені і практики часто зловживають цим терміном і, як правило, механічно, без необхідної аргументації застосову-ють його до будь-якого правового явища.

Is the oral health reform in Israel optimally distributed? - A commentary

A traditional and ethical principle recognizes a country’s primary general welfare responsibility to the young and the old. However, the middle, adult, age group cannot and should not be disregarded. The current dental component of the National Health Insurance Law (NHIL), in Israel, only includes children and the elderly. The present commentary focuses on the large group of adults, age 19–74, which are currently excluded.The cumulative incidence of disease increases over the lifetime of a person. We believe that a NHIL commitment with a major age gap in coverage is unacceptable. The recent manuscript, published by Natapov et al., in this journal, has documented the overall dental health of the older Israeli population, with emphasis on nutritional aspects. This contribution to the literature is commendable. However, we aim to follow in the steps of the Alma Ata Declaration and Ottawa Charter of the World Health Organization (WHO) and to clarify that the government’s responsibility should cover all residents regardless of their age. In addition, a dental health epidemiological data base, currently nonexistent for adults, is called for.

EHealth in Egypt: The demand-side perspective of implementing electronic health records

The present study sheds light on the expected factors that would impact the adoption of the Electronic Health Records (EHR) service in Egypt from the demand-side perspective, i.e. the healthcare consumer's standpoint. This empirical study is motivated by the use of EHR in many countries as a method of promoting healthcare services. Another incentive for the present study is to look at EHR as a top layer in the Next Generation of Information Infrastructure (NII). EHR is considered an efficiency-enhancing and cost-effective technology. Moreover, the issue of developing the healthcare sector in Egypt has the attention of government policymakers, who have a comprehensive healthcare and social insurance law that will be discussed in the Egyptian Parliament, in the near future. The study highlights the socio-technical approach used in analyzing the EHR as an eHealth application in Egypt. The underlying theoretical framework of this study implicates the Unified Theory of Acceptance and Use of Technology in the Consumer Context (UTAUT2) model. It also applies an integrated framework of multifaceted perceptions used to explain the expected adoption or behavior of the Egyptian consumer vis-à-vis EHR. The study relies on primary data collected after surveying 559 respondents. Results reveal that determinants of EHR include demographics such as place and gender, but more importantly constructs such as price value, effort expectancy and facilitating conditions are key factors that play a part in the decision made by the Egyptian consumer to adopt EHR technology. Finally, additional insight and recommendations are offered to the policymakers.