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Reinsurance Security Agreement

Reinsurance Security Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Reinsurance Security Agreement

"I need a Reinsurance Security Agreement for our UAE-based insurance company where we're the cedant, with a London-based reinsurer providing Letter of Credit security through Emirates NBD as the security trustee, to be effective from March 1, 2025."

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Document background
This Reinsurance Security Agreement is designed for use in the United Arab Emirates when a reinsurer needs to provide security for its obligations to a cedant. The document becomes necessary when regulatory requirements or commercial arrangements demand collateralization of reinsurance obligations, particularly common in international reinsurance transactions involving UAE-based entities. The agreement complies with UAE Federal Law No. 6 of 2007 and relevant Central Bank regulations, addressing specific requirements for security arrangements in reinsurance relationships. It includes detailed provisions for security creation, maintenance, valuation, and enforcement, adaptable for use in mainland UAE or specialized financial free zones (DIFC/ADGM). The document is particularly relevant in the context of UAE's growing role as a regional insurance hub and the increasing sophistication of its reinsurance market.
Suggested Sections

1. Parties: Identification of the reinsurer, cedant, and any security trustees or administrators

2. Background: Context of the reinsurance relationship and purpose of the security arrangement

3. Definitions: Key terms used throughout the agreement, including specific UAE regulatory references

4. Security Creation: Establishment of the security interest and its legal basis under UAE law

5. Security Obligations: Core obligations of the reinsurer regarding maintenance of security

6. Valuation and Maintenance: Requirements for valuing and maintaining adequate security levels

7. Rights and Obligations: Detailed responsibilities of all parties regarding the security arrangement

8. Events of Default: Circumstances constituting default and consequent rights of the parties

9. Enforcement: Procedures for enforcing security rights in compliance with UAE law

10. Representations and Warranties: Standard and security-specific representations by all parties

11. Governing Law and Jurisdiction: UAE law provisions and jurisdiction specifications

Optional Sections

1. Security Trustee Provisions: Additional provisions when a security trustee is appointed to hold the security

2. Multiple Cedant Provisions: Specific provisions for arrangements involving multiple cedants

3. Islamic Finance Compliance: Additional provisions ensuring Shariah compliance if required

4. Free Zone Provisions: Specific provisions for DIFC or ADGM jurisdiction if applicable

5. Currency Provisions: Special provisions for handling multiple currencies in security arrangements

6. Regulatory Reporting: Additional reporting requirements if parties are UAE-regulated entities

Suggested Schedules

1. Schedule 1 - Security Assets: Detailed description of assets comprising the security

2. Schedule 2 - Valuation Methodology: Specific methods for valuing different types of security assets

3. Schedule 3 - Forms of Notice: Standard forms for various notices required under the agreement

4. Schedule 4 - Permitted Investments: List of approved investment types for security assets

5. Schedule 5 - Security Documents: Forms of additional security documentation required

6. Appendix A - Calculation of Required Security Value: Formula and methodology for calculating required security levels

7. Appendix B - Regulatory Compliance Checklist: Checklist ensuring compliance with UAE regulatory requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































Clauses






























Relevant Industries

Insurance

Reinsurance

Financial Services

Banking

Risk Management

Asset Management

Professional Services

Financial Technology

Relevant Teams

Legal

Compliance

Risk Management

Treasury

Insurance Operations

Reinsurance Operations

Finance

Regulatory Affairs

Underwriting

Asset Management

Portfolio Management

Relevant Roles

Chief Risk Officer

Head of Reinsurance

Legal Counsel

Compliance Officer

Treasury Manager

Security Trustee Manager

Reinsurance Manager

Chief Financial Officer

Insurance Operations Director

Risk Management Officer

Regulatory Affairs Manager

Portfolio Manager

Underwriting Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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