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Standard Reinsurance Agreement
"I need a Standard Reinsurance Agreement under German law for a proportional treaty covering property and casualty risks, with specific provisions for cyber exclusions and a profit commission clause, to be effective from March 1, 2025."
1. Parties: Identification of the reinsurer and cedant, including full legal names and registration details
2. Background: Context of the agreement, relationship between parties, and general purpose of the reinsurance arrangement
3. Definitions: Key terms used throughout the agreement, including technical reinsurance terminology
4. Scope of Cover: Detailed description of risks covered, exclusions, and territorial limits
5. Premium and Payment Terms: Premium calculation methodology, payment schedules, and adjustment provisions
6. Claims and Settlement: Procedures for claims notification, handling, and settlement
7. Accounts and Settlements: Requirements for financial reporting, account statements, and settlement procedures
8. Security Requirements: Collateral or security deposit requirements and related procedures
9. Duration and Termination: Contract period, renewal terms, and termination provisions
10. Confidentiality: Provisions regarding confidential information handling and data protection
11. Governing Law and Jurisdiction: Specification of German law application and jurisdiction
12. Dispute Resolution: Procedures for handling disputes, including arbitration provisions
13. General Provisions: Standard contract clauses including severability, entire agreement, and amendments
1. Sanctions Clause: Required when dealing with international risks or parties subject to potential sanctions
2. Broker Involvement: Needed when a reinsurance broker is involved in the arrangement
3. Cut-Through Clause: Optional provision allowing direct access by original insured in specific circumstances
4. Portfolio Transfer: Required when existing business is being transferred as part of the arrangement
5. Profit Commission: Included in proportional treaties where profit sharing is agreed
6. Special Acceptance: Required when specific risks outside standard terms may be accepted
7. ECO/XPL Coverage: Optional coverage for extra contractual obligations and excess of policy limits
8. Special Termination: Additional termination rights for specific events like rating downgrades
1. Schedule A - Risk Details: Detailed specification of covered risks, limits, and retentions
2. Schedule B - Premium Calculation: Detailed methodology for premium calculation and adjustments
3. Schedule C - Claims Information Requirements: Specific requirements for claims documentation and reporting
4. Schedule D - Accounting and Settlement Procedures: Detailed procedures for financial reporting and settlements
5. Schedule E - Security Requirements: Specific details of required security or collateral arrangements
6. Appendix 1 - Excluded Risks: Detailed list of specifically excluded risks and circumstances
7. Appendix 2 - Reporting Templates: Standard forms and templates for regular reporting requirements
8. Appendix 3 - Claims Guidelines: Detailed procedures and guidelines for claims handling
9. Appendix 4 - Information Sharing Protocol: Procedures for sharing sensitive or personal data in compliance with GDPR
Authors
Insurance
Reinsurance
Financial Services
Banking
Marine Insurance
Property Insurance
Casualty Insurance
Life Insurance
Health Insurance
Aviation Insurance
Energy Insurance
Cyber Insurance
Legal
Compliance
Risk Management
Underwriting
Claims
Finance
Actuarial
Operations
Technical Accounting
Regulatory Reporting
Portfolio Management
Chief Risk Officer
Reinsurance Manager
Underwriting Director
Claims Manager
Compliance Officer
Legal Counsel
Treaty Manager
Actuarial Manager
Financial Controller
Operations Director
Portfolio Manager
Risk Analyst
Technical Accounting Manager
Regulatory Reporting Manager
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