PEICL - THE PROJECT OF A EUROPEAN INSURANCE CONTRACT LAW

This article discusses the newly drafted "Principles of European Insurance Contract Law" (PEICL). The article explores the possibility of the PEICL becoming an optional legal instrument that parties to an insurance contract may use as an alternative to relaying on the laws of the various Member States in the European Union. The article includes an in-depth investigation of the PEICL and concludes that while the draft language could benefit from certain adjustments, it nonetheless offers a strong basis for discussion amongst policymakers in the European Union and the U.S.