Israel: Insurance & Reinsurance

This country-specific Q&A provides an overview of Insurance & Reinsurance laws and regulations applicable in Israel.

  1. How is the writing of insurance contracts regulated in your jurisdiction?

  2. Are types of insurers regulated differently (i.e. life companies, reinsurers?)

  3. Are insurance brokers and other types of market intermediary subject to regulation?

  4. Is authorisation or a licence required and if so how long does it take on average to obtain such permission? What are the key criteria for authorisation?

  5. Are there restrictions or controls over who owns or controls insurers (including restrictions on foreign ownership)?

  6. Is it possible to insure or reinsure risks in your jurisdiction without a licence or authorisation? (i.e. on a non-admitted basis)?

  7. What penalty is available for those who operate in your jurisdiction without appropriate permission?

  8. How rigorous is the supervisory and enforcement environment? What are the key areas of its focus?

  9. How is the solvency of insurers (and reinsurers where relevant) supervised?

  10. What are the minimum capital requirements?

  11. Is there a policyholder protection scheme in your jurisdiction?

  12. How are groups supervised if at all?

  13. Do senior managers have to meet fit and proper requirements and/or be approved?

  14. Are there restrictions on outsourcing services relating to the business?

  15. How are sales of insurance supervised or controlled?

  16. Are consumer policies subject to restrictions? If so briefly describe the range of protections offered to consumer policyholders

  17. Are the courts adept at handling complex commercial claims?

  18. Is alternative dispute resolution well established in your jurisdictions?

  19. What are the primary challenges to new market entrants?

  20. To what extent is the market being challenged by digital innovation?

  21. Over the next five years what type of business do you see taking a market lead?