Transcript of "Insurance law can be an enterprise issue"
Press release[Embargo to 9 am CET Monday 3 June 2013]Insurance law can be an enterprise issueInsurance law can be an enterprise-wide issue, so it’sessential that legal experts and risk managers understandwhat happens when the law is applied in business, JorgeLuzzi, the President of the Federation of European RiskManagement Associations (FERMA), said this morning(Monday 3 June).Mr Luzzi was opening European insurance law: whentheory meets practice, a conference organised by FERMAwith the insurance law organisation AIDA Europe in Paristoday.It is the first time the two have collaborated, and theyhave brought together eminent legal experts and riskmanagers from eight countries to discuss co-insurance,embargoes, serial claims and directors’ and officers’(D&O) insurance.Mr Luzzi said: “Taking FERMA’s 22 member associationstogether, we represent about 4,500 individual risk andinsurance managers. I say risk and insurance managersdeliberately because today not all risk managers deal withinsurance. Insurance law, however, is important to all ofthem. If there is a problem over a major claim, it canimpact the company’s cash flow, the balance sheet andeven the directors’ personal liability.”
For example, he explained, if a major partner on acoinsurance drops out of the consortium when there is alarge loss, collecting the claim is much more difficult, andthere can be serious consequences for the business.The implications of trade embargoes and expandingregulatory action against directors and senior managersare some other ways in which insurance law has widerepercussions on business.Mr Luzzi also said that the new connection betweenFERMA and AIDA Europe can help strengthen thepresentation of common interests on insurance legalmatters to European institutions. “For our part, we believewe can contribute to AIDA’s understanding of how thelaw works when it gets to workplace. Today’s title,European insurance law: when theory meets practice, saysit all.”FERMA is a federation of 22 risk managementassociations in 20 European countries. In terms of theirinsurance law systems, they are a varied group. Somehavea large, sophisticated insurance market with welldeveloped insurance jurisprudence. Others are smallercountries,and somehad a state insurance monopoly untilabout 20 years ago.For more information, contactLee CoppackFERMA media email@example.com or +44 (0)20 8318 0330 or(Monday 3 June) +44 (0)7843 089904OrFlorence Bindelle
FERMA executive firstname.lastname@example.org or +32 (2) 761 94 31(Tuesday4 June onward)About FERMAThe Federation of European Risk ManagementAssociations (FERMA) brings together 22 national riskmanagement associations in 20 European countries.FERMA has 4,500 individual members representing a widerange of business sectors from major industrial andcommercial companies to financial institutions and localgovernment bodies. These members play a crucial role fortheir organisations with respect to the management andtreatment of complex risks and insurance issues.Member associations are from the following countries:Belgium (BELRIM), Czech Republic (ASPAR CZ), Denmark(DARIM), Finland (FinnRiMa), France (AMRAE), Germany(DVS/BfV), Italy (ANRA), Luxembourg (PRiM), Malta(MARM), Netherlands (NARIM), Norway (NORIMA),Poland (POLRISK), Portugal (APOGERIS), Russia (RusRisk),Slovenia (Sl.RISK), Spain (AGERS and IGREA), Sweden(SWERMA), Switzerland (SIRM), Turkey (ERMA) and UnitedKingdom (Airmic).