Insurance and Reinsurance
Insurance is defined as the voluntary agreement by which an insurance company is obliged, against the payment of a sum of money called a premium, to compensate damages or pay a sum of money directly or indirectly to another person, upon verification of the future or uncertain event contemplated by the parties (damage resulting from an accident), a commercial activity regulated by insurance contract law.
Reinsurance, on the other hand, is a voluntary agreement by which a reinsurance company or entity takes total or partial responsibility of a risk already covered by an insurance company or of the remainder of damages in excess to the amount insured by the direct insurance company. The characteristics of this agreement are detailed in the Law for Insurance and Bonds Institutions.
Both in the insurance and reinsurance business, conflicts of interest between policyholders and insurers or between insurers and reinsurers arise, at the moment of receiving compensation for damage caused by the incident covered under the insurance or reinsurance contract.
Our firm provides the insurance and reinsurance market legal advice to both domestic insurers and foreign reinsurers, to project the legal-economic impact at the moment an insured incident causes damage. We also provide legal assistance to policyholders who are victims of or responsible for the damage caused by an event covered by the insurance contract.
We also conduct studies and propose strategies for managing the legal risks faced by insurance or reinsurance companies at the time of paying compensation for damages covered under an insurance or reinsurance contract, depending on the case, to reduce the economic impact of such claims.