Insurance, Reinsurance & Retrocessions law are all extremely technical fields of law which require great expertise and experience. We have provided advice on Venezuelan law on these fields, including opinions on cover disputes referring to accidents in Venezuela where cover at any of the three levels, i.e., insurance, reinsurance or, when applicable, retrocession, is placed in Venezuela and/or when the accident occurs, or has any relation with, Venezuela.
Venezuelan law regulates the contract of insurance, and differently regulates marine insurance. Some differences are more subtle than others, and can lead to confusion to those not familiar with the rules. Furthermore, there is very little regulation of reinsurance cover in Venezuelan law, aside from the administrative aspects that involve the Superintency of Insurance, which renders even more difficult dealing with reinsurance cover disputes governed by Venezuelan law or in which any aspect of Venezuelan law becomes relevant. As to retrocessions, there is no set of rules at all in Venezuelan law.
We have dealt with cases on all these levels of the insurance cover, and have assisted foreign law firms in dealing with such disputes.
We have acted on maritime and non-maritime insurance, reinsurance and retrocession disputes for and against different Syndicates of Lloyds and large insurance and reinsurance companies such as American International Group, Travelers, Zurich Re, War Risk Insurers, AXA, Allianz, Assicurazioni Generali, and others.
We also represent major foreign insurance companies in their registration as foreign reinsurers with the Venezuelan Sueperintendency of Insurance, and the yearly renewal thereof. We are knowledgeable on requirements and how to meet them in the most efficient way, in this little-known regulatory area.
