The Monegasque insurance law is mainly governed by the Law No. 129 of January 22, 1930, on the duration of insurance contracts, the Law No. 609 of April 11, 1956, codifying the legislation on taxes due by insurance companies, the Implementing Ordinance No. 3.041 of August 19, 1963, giving effect in Monaco to the Convention signed in Paris on May 18, 1963, on the regulation of insurance, the Implementing Ordinance No. 4.178 of December 12, 1968, instituting State supervision on insurance undertakings of all types and on capitalization undertakings, and organizing the insurance industry.
The law of the Principality shares a common basis with the French law. It presents however some fundamental differences.
Collected taxes on insurance contracts, guarantees, contract arrangements of work-related risks, rates on additional health contracts are inter alia governed by national specificities.
As Monaco is not a member of the European Union, the free provision of services does not apply.
In this particular framework, a good knowledge of this case law and our experience in litigation enable us to support our clients in the most efficient ways when such issues arise.