Germany: New Insurance Contract Law Follow-Up
We detailed the emergence and impact of the new German insurance law (Versicherungsvertragsgesetz – VVG1) in the summer 2007 and winter 2008 editions of the Worldwide Compliance Newsletter. In this edition, we scope out the introduction of the new mandatory Product Information Brief (PIB), which needs to be issued to individual ‘consumers’ in a noncommercial or non-professional capacity from 1 July 2008.
A PIB will comprise approximately two full pages setting out the specific nature of
the individual cover and its exclusions as well as the obligations of the assureds.
The Lloyd’s German Office is currently working on a specimen version, which will
assist underwriters and brokers to implement this new requirement by gearing the
specimen to suit their tailor-made Lloyd’s covers. However, underwriters and
brokers will still be required to populate the PIB with product-related specifics.
The specimen will be available from the end of May 2008. If you would like to obtain
a copy, please contact Lloyd’s International Trading Advice on telephone: +44 (0)207 327 6677 or via email: LITA@lloyds.com. It will also be made available on Crystal.
Please refer to Market Bulletin Y4100: The new German Insurance Contract Law
(VVG) issued 19/12/2007, for a fuller explanation of the provisions of the VVG.
Alternatively, more detailed information on the new pre-contractual notification
requirements may also be found on Crystal: www.lloyds.com/crystal
Last updated on 02 Jun 2008
