INSURANCE REGULATION AND SUPERVISION IN THE OECD COUNTRIES by Eric Burgeat

By Eric Burgeat

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However, there might be a transfer of the contracts to another company (regulated in all Member countries but the United Kingdom). In some Member countries (Czech Republic, Denmark, Finland, Hungary, Iceland, Italy, Japan, Mexico, Norway, Switzerland, Turkey and the United States), the insured have an extraordinary right to terminate their insurance contracts. , in Czech Republic, Denmark, Finland, France, Germany, Hungary, Iceland, Japan, Korea, Mexico, Norway, Portugal and the United States).

Within the EU, in the Council, there was a new directive on insurance groups (98/78/EEC) adopted on 13 October 1998. 2. Supervision of Intermediaries Regulation regarding the supervision of domestic insurance intermediaries can be found in almost all OECD Member countries but Czech Republic, Denmark (with a bill in Parliament), and Germany.

In respect of liquidation, the laws of the OECD Member countries differ in many ways. The conditions of rehabilitation and liquidation procedures are defined differently. There is also a difference in regard of the order of priorities among creditors (ranking). It is often difficult to reconcile the conflicting interests, specifically if a state where assets are located claims a priority right for its residents to be satisfied from such assets. In general, liquidation is the winding up of the entire business of a company.

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