Laying down the law
Reform of German insurance contract law has sparked controversy and may have far-reaching effects. Blake-Evans Pritchard reports
When it comes to the new Solvency II framework, the German insurance industry is as aware of the need for change as anyone else. Maybe even more so than some - with the German Insurance Association (GDV) having started its search for a risk-based standard model as early as 1997. But a surprise addition to a new insurance contract law may goad the finance ministry into taking some tough decisions about solvency requirements earlier than it had expected.
At issue is a proposed change in the way
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