"The Law Applicable to Foreign Investment Insurance Contracts and Dispute Resolution Means in Iraq"

Abstract

This research addresses two pivotal issues within the framework of the foreign investment insurance contract: determining the applicable law governing this contract, and the means of settling disputes arising therefrom under Iraqi law. The significance of the subject is highlighted by Iraq's need for a secure investment environment capable of attracting foreign capital, particularly in facing non-commercial risks such as expropriation, nationalization, political disturbances, wars, and currency transfer restrictions.

The research employs a comparative analytical approach through the analysis of Iraqi legal texts and relevant international investment guarantee agreements, comparing the approach of national conflict-of-law rules with that of international substantive rules in determining the applicable law, alongside an analysis of dispute settlement mechanisms including negotiation, conciliation, and arbitration.

The research concludes that the law applicable to this contract is subject to two main approaches, and that the relationship between them is one of complementarity rather than competition. It also concludes that arbitration constitutes the sole judicial means for resolving disputes arising from this contract, and that Iraq's non-accession to the New York Convention of 1958 represents a fundamental obstacle to the enforcement of international arbitration awards in Iraq.