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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Israel * Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance 

Lloyd's underwriters are permitted to write all classes of insurance, except motor vehicle first party bodily injury and motor vehicle third party bodily injury insurance, in or from Israel.

Insurance must be written through one of the following routes:

  • Through a coverholder in Israel, or;
  • Through a coverholder outside Israel with an Israeli OMC in the placement chain, or;
  • Through a coverholder outside Israel without an Israeli intermediary in the placement chain, or;
  • On an open market basis through an open market correspondent in Israel, or;
  • On an open market basis directly from London without an Israeli intermediary in the placement chain.

For further details please refer to the Routes into Lloyd’s section of Crystal.

Reinsurance

Lloyd's underwriters are permitted to write reinsurance in or from Israel.

Last updated: 11 Aug 2017


Definition of risk location

Lloyd's
An Israeli risk is defined as "all business where the insured is domiciled in Israel and the risk is situated in Israel". This definition appears in the special agreement of 1951 between Lloyd’s and the Government of Israel.

Insurance
All business where the insured is domiciled in Israel and the risk is situated in Israel.


Reinsurance

A reinsurance contract is considered an Israeli risk if it reinsures an insurer located in Israel.

Last updated: 31 Jul 2017

Definition of Israel

There can be confusion over the geographic extent of the term 'Israel'. Insurances of Israeli interests sometimes provide coverage with a territorial scope of 'Israel and adjacent territories'.

For the avoidance of any doubt, unless specifically defined otherwise in policy documentation, including the slip, Lloyd's and Xchanging will apply the following definitions:

  • Israel will be defined as the State of Israel.
  • Israel and adjacent territories will be defined as the State of Israel plus territories under Israeli control.

For general guidance on identifying the location of a risk please refer to the risk locator.

Last updated: 31 Jul 2017

Compulsory classes

Lloyd's
The following are the main compulsory classes in Israel:
 
  • Motor vehicle insurance (first party bodily injury and third party bodily injury).  
  • Health insurance for foreign workers.
  • Ship owners in respect of oil pollution - third party liability.
  • Yacht and pleasure craft - third party liability.
  • Professional indemnity cover for investment advisors, investment distributors, portfolio managers, provident fund managers and trustees and securities underwriting companies.
  • Clinical trials.
  • Bankers blanket bond.
  • Workers compensation (a state scheme that is part of the social security system run by the National Insurance Institute).
  • Sport association insurance for sports competition participants.
  • Sport driving (first party bodily injury and third party bodily injury).

The following are compulsory classes if no other form of financial security can be obtained or if pursuant to guidelines or circulars: 

  • Railway operators - third party liability.
  • Gas suppliers - third party liability.
  • Scuba divers - third party liability.
  • Professional liability and third party liability in respect of private investigation and security services.
  • Security for apartment purchasers.
  • Professional liability and third party liability for midwives in homebirths.
  • Group personal accident insurance for pupils/students at municipal schools.
  • Health insurance for foreign workers.

NB: The wording and format of a policy or certificate for compulsory insurance may either be prescribed by regulation or be subject to specific approval by the regulator. The managing agent must ensure that any Lloyd's wording used for compulsory insurance complies with the relevant regulations, or has been filed with the Commissioner of Insurance by the coverholder or OMC in Israel, via the Lloyd's representative for Israel, before the contract of insurance is bound.

Last updated: 11 Aug 2017

Distribution channels

Coverholder business

Lloyd's
Lloyd's requirements for a coverholder carrying on Israeli business on behalf of a Lloyd's managing agent.

Binding authority held by a coverholder in Israel 
Last updated: 14 Aug 2017

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Binding authority held by a coverholder outside Israel

Last updated: 31 Jul 2017

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Direct business written from London

Last updated: 31 Jul 2017

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Marine and reinsurance

Last updated: 31 Jul 2017

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Open market business

Lloyd's
This information is secured Secure item
Last updated: 27 Feb 2018

Intermediary regulation

Lloyd's

Insurance intermediaries in Israel are governed by Sections 24-31 of the Financial Services (Insurance Control) Law 1981.

Any entity that wishes to carry on insurance mediation activity in Israel must obtain an insurance agent licence from the Commissioner of Insurance. Insurance agent licences are granted by type of business. These types are pension insurance; maritime insurance; general insurance (insurance that is not pension or maritime insurance or is accident/illness/disability insurance). Insurance agents can only carry on insurance mediation for the type of business they have been licensed for.

All insurance intermediaries are insurance agents. An insurance agent can be an individual person or a corporate entity. If it is the latter, all the individual employees that are involved in insurance mediation, and the business manager and any branch manager of the insurance agent, must have an individual insurance agent licence.

An insurance agent can only perform insurance mediation activity if there is a written agreement between the agent and the insurer that it wants to place business with. This agreement is similar to a terms of business agreement (TOBA), and it must include an undertaking of the agent to hold premium collected from insureds in a separate designated bank account, and an undertaking to remit to the insurer such premium by the 15th of each month.

Pursuant to the Insurance Contract Law, unless the insured specifically orders otherwise in writing, an insurance agent is deemed the agent of the insurer for the purpose of: (a) pre-contractual negotiations (b) disclosure duties of the insured (c) receipt of premium (d) provision of notifications by the insured.

Last updated: 31 Jul 2017

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website.

Last updated: 15 Feb 2019


Market Reform contract guidance

Lloyd's
This guidance on completing a Market Reform Contract (MRC) focuses on tax and regulatory checks.

It provides advice on completion of the Fiscal and Regulatory section, plus completion of headings in other sections relevant to fiscal and regulatory compliance.

The guidance below relates to insurance (ie not reinsurance).
Last updated: 01 Jul 2014


Language of contract

Lloyd's
Policies for personal lines business should be in Hebrew unless an insured requests a policy in English. If the Hebrew wording differs from the English wording, the insured will be entitled to rely on the Hebrew version. For commercial classes, insureds routinely receive policies in English.
Last updated: 31 Jul 2017

Choice of law

Lloyd's
To meet contract certainty requirements, the contract must contain a choice of law clause.

Where the contract is in a class of business to which the Insurance Contract Law applies (ie, all classes except reinsurance, marine, aviation and diamonds/precious metals insurance) the choice of law must be Israel. Where the contract is in a class of business to which the Insurance Contract Law does not apply, the parties to the contract may choose the law applicable to the contract.
Last updated: 31 Jul 2017

Jurisdiction

Lloyd's

To meet contract certainty requirements, the contract must contain a jurisdiction clause.

Where the contract is in a class of business to which the Insurance Contract Law applies (i.e., all classes except reinsurance, marine, aviation and diamonds/precious metals insurance) the jurisdiction must be Israel. Where the contract is in a class of business to which the Insurance Contract Law does not apply, the parties to the contract may choose the jurisdiction applicable to the contract.

Last updated: 31 Jul 2017

Service of suit

Lloyd's

Insurance

To meet contract certainty requirements, the contract must contain a service of suit clause.

Non-marine (including motor): The Lloyd’s General Representative in Israel must be nominated as the person who can accept service of suit on behalf of Lloyd’s underwriters. Clause NMA2349A must be used and this is available on the Lloyd's Wordings Repository.

Marine and aviation business: The Lloyd’s General Representative in Israel may be nominated as the person who can accept service of suit on behalf of Lloyd’s underwriters.

Reinsurance:

There are no requirements to include a service of suit clause on reinsurance business. However, the Lloyd's General Representative in Israel may be nominated as the person who can accept service of suit on behalf of Lloyd's underwriters. 
Last updated: 11 Aug 2017

Representative(s)

Representative(s)

Lloyd's

Sigal Schlimoff-Rechtman

Lloyd's General Representative for Israel
Gibor Sport Building
7 Menachem Begin Road
Ramat Gan 52521
Israel 

Tel: +972 3 612 2233
Fax: +972 3 612 3322

Email: sigal.schlimoff@lloyds.com

Last updated: 15 Aug 2017