Find Lawyers in Charlottetown, Prince Edward Island for Insurance Law
Practice Area Overview
Insurance law is a wide-ranging practice area that involves providing insurers with advice on governance issues, regulatory compliance, and the interpretation and application of insurance policies, as well as representing insurers and their insured before the courts.
Insurance law practitioners generally also provide advice and counsel to a range of other participants in this industry, including agents, brokers, claims adjusters, and reinsurers, on all aspects that are incidental to the market for insurance products and services, whether litigious or not.
Specialists in insurance law must have an in-depth understanding of the statutory and regulatory framework for the industry and the ability to draft and interpret insurance policies, manage complex litigation files, and provide effective advocacy and representation before the courts in a variety of coverage categories, including life and health insurance, liability and professional liability insurance, directors and officers liability insurance, property-casualty insurance (which includes automobile insurance, aviation insurance, boiler and machinery insurance, and builder’s risk insurance), reinsurance, surety and fidelity insurance, credit insurance, legal expenses insurance, as well as in matters of insurance fraud.
The statutes, regulations, and directives of regulatory bodies to which insurers are subject are numerous, complex, and constantly evolving, particularly since the global financial crisis. The consequences of regulatory non-compliance can have a major impact on the financial and operational levels, and in terms of reputational risk. One important facet of insurance law consists of advising insurers on regulatory compliance and providing guidance on strategic decisions to be taken in wide variety of contexts, such as the creation of new insurance products, regulatory inspections, the protection of personal information, and the distribution of financial products and services.
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