Research Handbook on International Insurance Law and Regulation
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Research Handbook on International Insurance Law and Regulation

  • Research Handbooks in Financial Law series

Edited by Julian Burling and Kevin Lazarus

Given its economic importance, insurance is a field that has been underserved as an area of academic study. This detailed book provides much needed coverage of insurance law and regulation in its international context.
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Chapter 23: Europe: Towards a Harmonised European Insurance Contract Law – The PEICL

Helmut Heiss, Malcolm Clarke and Mandeep Lakhan

Extract

JOBNAME: Lazarus PAGE: 3 SESS: 4 OUTPUT: Wed Dec 21 15:05:32 2011 23 Europe: towards a harmonised European insurance contract law – the PEICL1 Helmut Heiss, Malcolm Clarke and Mandeep Lakhan 1. INTRODUCTION Published in September 2009, the Principles of European Insurance Contract Law (PEICL) are the result of ten years of academic work undertaken by the ‘Restatement of European Insurance Contract Law’ Project Group.2 Since its establishment in 1999, the project has been transformed from being a stand-alone project to a part of the CoPECL Network, drafting a specific part of the Common Frame of Reference.3 Having continually worked under the guiding principle that ‘the law of insurance [in Europe] must be one’,4 its work now represents a model for providing Europe with an optional instrument (‘2nd Regime’), offering the choice of a single legal framework for insurance contracts. 2. THE NEED FOR HARMONISATION In view of the position taken by the European Commission, following the withdrawal of the proposal relating to insurance contracts on 4 August 1993,5 the harmonisation process in the area of substantive insurance contract law began to falter, despite advances being made in other areas of insurance law.6 The initial incentive behind the Project Group’s 1 This chapter is based on previous work, such as Helmut Heiss, ‘Introduction’, in Jürgen Basedow and others (eds), Principles of European Insurance Contract Law (PEICL) (Sellier, Munich 2009) and Helmut Heiss and Mandeep Lakhan, ‘An Optional Instrument for European Insurance Contract Law’, 26(71)...

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