REGULATION (EC) NO. 593/2008 (ROME I) SPECIAL RULES TO DETERMINE THE LAW APPLICABLE TO INSURANCE CONTRACTS
REGULATION (EC) NO. 593/2008 (ROME I) SPECIAL RULES TO DETERMINE THE LAW APPLICABLE TO INSURANCE CONTRACTS

Summary/Abstract: Insurance contracts having a cross-border extent form the subject of special provisions in Article 7 of Regulation (EC) no. 593/2008. These specific rules govern insurance contracts for large exposures located in or outside the European Union and all joint contracts covering risks located in Member States. Reinsurance contracts are excluded from application of special provisions, following the regime of the general rules of Art. no. 3 and 4 of the Regulation. As regards to the law applicable, the insurance contracts for major risks are subject to the law chosen, or if there is no choice, to the law of the place where the insurer has his habitual residence and insurance contracts of common risks, located in Member States, are governed at choice by one of the laws mentioned in Art. 7 par. (3) of the Regulation, which provides the connection between the law chosen and the specific legal relationship. In the absence of choice, will apply the law of the Member State where the risk is situated when the contract was concluded. If this contract covers risks situated in several Member States in order to determine the applicable law, the contract is considered separately from as many contracts as the number of Member States involved.

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