International (re) insurance companies are keeping an eye on Peru’s market developments, as the country’s swift economic progress promises a positive business environment.
LATAMIR Insurance Review. #46. July 2015. Page 14.
Jorge Mere, Peruvian qualified lawyer at Kennedys Latin America and Alex Guillamont, Director for Latin America talk about the new Insurance Contract Law (Law 29946) and the important legislative and institutional efforts to modernise insurance in Peru.
The new Insurance Contract Law (law 29946) came into force in May 2013 because of important legislative and institutional efforts to modernize insurance in Peru. The main purpose of the act is to create a levelled playing field somewhat in favour of insureds. Unless it can be shown that the insurance contract was negotiated between the parties, it is assumed under the new law that the insured adhered to ready-made clauses proposed by insurers, against which the insured should be protected in the event of a dispute.
The Office of the Superintendent of financial institutions, insurance, and administration of pension funds (SBSA) is responsible for identifying abusive clauses and prohibit the commercialization of policies that contain such clauses.
Some of the most interesting aspects of the law are in relation to claims handling, choice of law, and arbitration agreements.
The law establishes maximum time-periods for both adjustments and indemnity payments, therefore establishing the rights and obligations of the insurer and insured after a claim has been presented.
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Jorge Mere is a Lawyer qualified in Peru with 8 years of experience in civil litigation and insurance law. He has successfully earned his masters degree in U.S. and Transnational law from the University of Miami and he has worked as a litigator for a top tier Peruvian law firm, as a member of their civil litigation team. While working as Peruvian counsel for different US law firms and as an adjuster for one of the largest insurance companies in the world, he has gained substantial experience in policy analysis, negotiations, dispute resolutions, and insurance law.
He is currently handling reinsurance disputes in respect of product liability, architect + engineers professional indemnity and property/mining disputes. Jorge is also working on qualifying as a US lawyer. Jorge is a native Spanish speaker and is fluent in English.
ALEX GUILLAMONT. Director at Kennedys Latin America & Caribbean
Alex Guillamont is the director of Kennedys Latin America and leads the Latin American and Caribbean practice at Kennedys. He handles disputes on behalf of leading international insurers and reinsurers, having represented clients across the region. With 15 years of experience, Alex is an acknowledged leading expert on insurance and reinsurance matters regionally. After serving the market with claims in Iberia from our London and Madrid offices, he relocated permanently to Miami in June 2010. The industry has voted him year on year into the LATAMIR Power 50 list, Latin American insurance sector most influential professionals. His team in Miami has been awarded the 2013, 2014 and 2015 Reactions Latin America Awards for best Law Firm.
Kennedys’ Latin America and Caribbean office is based in Miami to help international insurers and reinsurers manage claims and non-contentious issues across the region. Our dedicated multilingual team is well placed to support our clients, and we also draw on the skills and experience of Kennedys globally.
The Miami team works with our network of Latin American and Caribbean law firms. Kennedys have associated offices in Brazil, Chile, Colombia, Chile and Mexico and long-standing relationships with leading insurance and reinsurance law firms in the rest of the region.
The insurance team of lawyers in Miami are also supported by our international insurance team, including the London Market division and other offices around the world who handle some of the most significant insurance and reinsurance matters worldwide.