Insurance Law
The insurance industry in Ireland is currently going through some transformation. A changing regulatory environment (particularly with the arrival of reinsurance regulation, increased consumer protection and publication of the draft Solvency II directive), continuing consolidation, the development of the international sector targeting foreign markets and the growth of the captive sector and developments such as the establishment of the Personal Injuries Assessment Board have dramatically changed the face of the industry.
At Sinnott & Company we have considerable experience in all sectors of the insurance industry - General Insurance, Life Assurance, Reinsurance and Insurance Intermediaries - and provide legal advice on both project specific and miscellaneous legal issues.
We advise on the establishment, regulation and supervision of captive/non-captive insurance and reinsurance operations in Ireland. We have a particular strength in disputes relating to policy interpretation and coverage issues. We advise widely on insolvency issues affecting the insurance market. We also have experience in advising on structured finance transactions involving insurance and reinsurance products and in the transfer of risk from the insurance markets into the capital markets. The new regulatory regime for reinsurance operations will significantly affect existing, as well as new, reinsurance operations.
In addition Sinnott & Company have come across a number of cases where injured persons are being approached directly by insurance companies for the prime purpose of achieving a "quick settlement" of their injuries cases. The entire emphasis of the discussions is on reaching a fast settlement. In some of these cases the person involved is being asked to sign legal disclaimer forms in return for a quick settlement involving inappropriately small compensation for their injuries.
In many such cases no independent medical advice has been obtained, no legal advice has been offered or obtained, and documentation is signed without a proper explanation of the injured person’s rights.
We feel that many injured persons are being treated unfairly by opportunistic insurance companies. We advise that anyone who is involved in an accident, or who is approached by an insurance company following an accident, should seek out proper legal advice immediately.
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