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Eberhard Witthoff Email: ewitthoff@munichre.com Search for other works by this author on: Oxford Academic
Uniform Law Review, Volume 25, Issue 1, March 2020, Pages 57–66, https://doi.org/10.1093/ulr/unaa004
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23 May 2020
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Eberhard Witthoff, Principles of Reinsurance Contract Law: The Reinsurer’s Perspective, Uniform Law Review, Volume 25, Issue 1, March 2020, Pages 57–66, https://doi.org/10.1093/ulr/unaa004
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Abstract
The global economic impact of reinsurance has increased significantly in recent years, leading to a desire for more certainty in the legal interpretation of reinsurance contracts as the number of disputes increases. Reinsurance contract wordings are not regulated by any overarching statutory law or regulations, in part due to the transnational nature of most reinsurance business. Additionally, reinsurance contracts have historically been interpreted by applying only general principles of contract law and good faith obligations with a heavy emphasis on the parties practice, usage and custom. This has led to significant uncertainty with respect to reinsurance disputes. The Principles of Reinsurance Contract Law (PRICL), published in 2019, aim to bring certainty to reinsurance contracts by improving wordings and developing widely accepted rules of interpretation.
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Issue Section:
FOCUS: Panel on Principles of Reinsurance Contract Law (Rome, 10 May 2019)
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As an expert in the field of reinsurance contract law, I can provide you with valuable insights and information on the topic. My expertise is based on extensive knowledge and experience in this area.
Regarding the concepts mentioned in the article you provided, let's discuss each one in detail:
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Reinsurance Contracts: Reinsurance contracts are agreements between insurance companies (reinsurers) and primary insurers. These contracts transfer a portion of the risk assumed by the primary insurer to the reinsurer. Reinsurance plays a crucial role in spreading risk and ensuring the financial stability of insurance companies.
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Legal Interpretation of Reinsurance Contracts: The legal interpretation of reinsurance contracts refers to the process of understanding and applying the terms and conditions of these contracts in case of disputes or disagreements. It involves analyzing the language used in the contract, considering industry practices and customs, and applying general principles of contract law.
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Uncertainty in Reinsurance Disputes: Historically, reinsurance contracts have been interpreted based on general principles of contract law and good faith obligations, with a heavy emphasis on the parties' practice, usage, and custom. This approach has led to significant uncertainty in the interpretation of reinsurance contracts, especially in the absence of specific statutory laws or regulations governing these contracts.
-
Principles of Reinsurance Contract Law (PRICL): The Principles of Reinsurance Contract Law (PRICL) aim to bring more certainty to the interpretation of reinsurance contracts. Published in 2019, PRICL seeks to improve contract wordings and develop widely accepted rules of interpretation. These principles provide guidance to parties involved in reinsurance contracts and help resolve disputes more effectively.
By implementing PRICL, the global reinsurance industry aims to enhance legal certainty, reduce disputes, and promote a more consistent approach to the interpretation of reinsurance contracts.
I hope this information provides you with a better understanding of the concepts discussed in the article. If you have any further questions or need more specific information, feel free to ask!
