Relationship between Counter-Terrorism Law and Insurance Law (Ph.D. Project)
Terrorist attacks cause sudden and devastating risks for businesses all around the world. The idea of insurance against the terrorism risk is to reduce this huge amount of risk to manageable smaller risks through the payment of premiums. Due to the nature of the terrorism risk, insurance companies developed specific types of insurance policies. In addition, insurance companies should also comply with the obligations arose from the Counter-Terrorism Law. Insurance companies as the integral part of the international finance system have both direct and indirect obligations on “Economic Sanctions, Finance of Terrorism and Money Laundering”. The focus of the project is two folded. On the one hand, this research project aims to highlight the direct and indirect obligations of insurance companies from Counter-Terrorism Law to reduce the uncertainties that insurance industry is facing. On the other hand, the project will discover the possible offerings of Insurance Law (e.g. alternative definitions and illustrative jurisprudence) vis-à-vis fight against terrorism to increase the effectiveness.