The contract of life insurance in favour of third parties under the Maltese civil code

Abstract

Following Act XI of 2005, the Maltese Civil Code has been amended as to accustom the concept of life insurance within our legal system and legislatively reform to protect the rights of third parties. Undoubtly, this brought about changes upon the effects of the previous legal framework and thus placing life insurance policies in favour of third parties against the backdrop of modem realities. This thesis develops a new approach as to third parties rights in relation to the contract of life insurance. An analysis is made of the new provisions of the Civil Code whilst focusing on the third parties such contract as well as making reference to the concept of life insurance contracts in favour of third parties under the common law and continental system. This study is accompanied with citations of foreign sources as it is necessary due to lack of local jurisprudence and theory on life insurance policies arising from the new generated by recent legislation. Furthermore, every chapter will considers specific substantive law topics as regards life insurance policies in favour of third parties, including the pledging of policies, family rights, succession rights and private international l::iw rnles. F::ich chapter explores the nature, development and implications of the relationship between the contracting parties and third parties whilst at the same time critically analyzing the law.