ARTICLE · 16 JUNE 2004

Insurance Legislative Update, June 2004

Advokatfirman Hamilton & Co

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The Swedish Insurance Contract Act dates back to 1927 and is in many respects not adapted to the current conditions of the insurance market. The applicability of the act is also limited and has been partly overtaken by separate legislative solutions for the most urgent demands, such as the Consumer Insurance Contract Act and various regulations regarding items such as third-party motor insurance

SwedenStrategy

Peter Kullgren

The Swedish Insurance Contract Act

The Swedish Insurance Contract Act dates back to 1927 and is in many respects not adapted to the current conditions of the insurance market. The applicability of the act is also limited and has been partly overtaken by separate legislative solutions for the most urgent demands, such as the Consumer Insurance Contract Act and various regulations regarding items such as third-party motor insurance.

In May this year the government presented a bill proposing a new Insurance Contract Act. The new legislation is expected to enter into force on January 1, 2006. This new act will replace both the Insurance Contract Act and the Consumer Insurance Contract Act. It will cover almost all kind of private insurance policies. The new act will not only be relevant for individual consumer insurance, personal insurance and company insurance. Different types of group insurance policies (group life- and non-life insurance and collective bargain based insurance) will

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