Reflections on the New German Insurance Contracts Law

摘要

The New German Insurance Contracts Law (Versicherungsvertragsgesetz - VVG) reflects a drastic reform of the existing Insurance Contract Act of 1908 on insurance 1contracts. The new law was instigated as a means of effective response to the modern consumer protection and market needs, which could no longer be covered by isolated changes or amendments, in line also with the fact that life insurance plays a major economic role and in accordance with two significant court rulings, i.e. the Federal Constitutional Court decision of July 26, 2005 which addressed the issue of participation in surplus in life insurance, and the Federal Constitutional Court decision of October 12, 2