This article provides an overview of developments in insurance and reinsurance law in France over the past year. Noteworthy changes include the introduction of cyber insurance regulations, updates stemming from the Digital Operational Resilience Act, and recent rulings from the Supreme Court that clarify the application of mandatory provisions in insurance policies.
Key Points
- No major reforms in French insurance law over the last year.
- Introduction of specific regulations regarding cyber insurance, requiring prompt reporting of breaches.
- Enactment of the Digital Operational Resilience Act (DORA), impacting resilience requirements for financial institutions and their insurance partners.
- Supreme Court rulings provide clarity on the validity of exclusion clauses in insurance policies.
- Two important directives adopted by the EU, including the revised Solvency II framework and the Insurance Recovery and Resolution Directive (IRRD).
- Legislative reform passed in response to natural catastrophe risks, introducing measures to improve compensation structures.
- New regulations introduced governing the use of AI systems in insurance, acknowledging potential regulatory pressures.
Why should I read this?
If you’re in the insurance sector or just keen on keeping up with legal trends, this article is a must-read. It’s packed with insights into how French insurance law is evolving, which can affect everything from compliance to business strategy. We’ve dissected the details so you can focus on what really matters without sifting through endless legal jargon!