Chapter Four: Control of Insurance Business Article One: Limitations on Conduct of Business 35. The Minister of Finance may, with the approval of the Finance Committee of the Knesset, enact by regulations, for all Insurers or particular categories of Insurers, provisions as to a minimum issued and paid-up share capital and a minimum
Chapter One: Provisions for All Classes of Insurance Article One: Insurance Contract 1. An insurance contract is a contract between an Insurer and an Insured which obligates the Insurer, in consideration of insurance premium, to pay insurance benefits to the beneficiary upon the occurrence of the event Insured against. What is an Insurance contract?
Additional Hearing of Civil Appeal 4960/18 Zeligman and others v. the Phoenix and others (4-7-2021)
In a class action submitted against 5 insurance companies, the claimants argued that the companies charged an additional interest of 4-6% due to payments of monthly installments of premiums on policies which are not life insurances and in relation to all the components thereof, including the savings element.
Sharon Shefer, Adv. Sigal Avshalom, Adv. Levitan, Sharon & Co. CC 6356-03-14 Yossef Levi v. Pazgas Ltd. and Phoenix Insurance Co (26.11.20) On 26 November 2020, the Central District Court (Judge Hadas Ovadia) dismissed a Claim filed by Mr. Yossef Levi (hereinafter: Plaintiff) against Pazgas Ltd. and its Insurer, Phoenix Insurance Company. Ltd. (hereinafter: Defendants),
The controversy over the issue of whether electric bicycles are motor vehicles and hence would be subject to the Law of Compensation to Victims 1975 (hereinafter: the Road Accident Law) of road accidents has come this week to an end by the Supreme Court which decided by a majority opinion of two Judges, Yitzhak
The Legal 500 Country Comparative Guides - Israel Insurance & Reinsurance
The COVID-19 pandemic caused businesses and individuals the inability to fulfil contractual obligations, led to a partial performance of the contract or delay thereof etc. Most commercial contracts include Force Majeure clauses which allocate the of risk of events that may suspend or excuse contractual non-performance. Being the creation of the parties, every clause will
1. As you may recall, the Supreme Court approved in November 2017, the District Court's decision in the matter of VIG VIENNA Insurance Group v. The Drainage Authority, (C.A. 8044/15) that a foreign insurer which is not licensed under the provisions of the Supervision Law, is not entitled to file a subrogation claim in Israel.
Covid-19 update – Insurance impact in various countries list: AIDA COVID-19 - Country Review Update
What you should expect from a cutting-edge Insurance & Reinsurance Lawyer Adv. Sharon Shefer Adv. Keren Marco Adv. Yael Navon Insurance and Reinsurance are perceived by the outsider as traditional, not very exciting Legal areas. However, the in-house counsel of an insurance related entity, as well as underwriters and actuaries, know that there
Insurance & Reinsurance Country Comparative Q&A Israel Adv. Rachel Levitan How is the writing of insurance contracts regulated in your jurisdiction? The Insurance Contract Law, 1981 (hereinafter: The Contract Law) regulates the format and the content of insurance contracts. An insurance contract must be in writing and the proposal form must be attached to the
Is the Reinsurer entitled to decline a Reinsurance Claim, due to lapse of Limitation Period of the Original Insured’s Claim? – Not Necessarily
C.C. 23416-03-18 The Phoenix vs. Infrassure Ltd. (Tel Aviv District Court) Preamble: The limitation period for an insurance claim of Insured vs. Insurer is three years from the date of the Insured event in property, and in liability Insurance the three years period will start to run from the date of the claim of the
In a recent decision handed down by the Supreme Court, the boundary between maintaining the Commissioner’s directives to include "full grounds and reasons for dismissing the claim” in a letter of declination, and the right of Insurers to provide additional details in the Statement of Defence was outlined, as the Supreme Court accepted Insurers’ position
Recent conflicting decisions were given, one by the Haifa District Court and the other by the Tel Aviv District Court, on the question whether a foreign Insurer is entitled to file a subrogation claim through its Insured after paying the Insured insurance benefits. In these two instances the alleged tortfeasor requested from the Court to
The Relationship between the Injured, the Tortfeasor and the National Insurance Institute (hereinafter: NII)
C.A. 27688/11/14 National Insurance Institute v the City of Tel Aviv, Jaffa et al. Liat Rotman .Adv Preamble: An employee in Israel is automatically insured for work accidents by the National Insurance Institute (hereinafter: the NII) which is a government institution. The said insurance is a compulsory insurance. The premium is paid by
A Partial Settlement Agreement precludes the unsettling Defendant from Sending a Third Party Notice to the Settling Defendants
Introduction: A Settlement Agreement was concluded between Plaintiffs and several Defendants who were parties to the claim, which included an allocation of liability, as well as of the amount of the damages. As a result, the Claim against the settling defendants was dismissed. The State, which was also a Co-Defendant in the Claim (hereinafter:
1. In this Law - "The Warsaw Convention" -- Convention for the Unification of Certain Rules Relating to International Carriage by Air, signed at Warsaw on 12th October, 1929, and published in the Official Gazette; "The Hague Protocol" -- Protocol to Amend the Warsaw Convention, signed at the Hague on the 28th September, 1955,
In this Law - "Manufacturer" - a person who is engaged, for commercial purposes, in the manufacture or assembly of products, including - (1) a person who represents himself as the manufacturer of a product by using his name or trade mark or in any other manner; (2) an importer, for commercial purposes, of a
Chapter One: Interpretation 1. Subject to the Interpretation Ordinance, this Ordinance will be interpreted in accordance with the principles of legal interpretation obtaining in England, and expressions used in it will be presumed, so far as is consistent with their context, and except as may be otherwise expressly provided, to be used with the meaning