Impact of new insolvency law on the insurance industry

Following the recent economic crisis, the need arose to make it easier for insolvent companies to continue their business through restructuring. This objective was achieved through a reform to the Insolvency Law 2010. It has been market standard to include 'insolvency clauses' in financial lines insurance policies in particular. From the point of view of the act, such insolvency clauses are now ineffective.