The Reinsurance Security Agreement is essential in the Philippine insurance market where reinsurance companies need to provide security for their obligations to local insurers. This document becomes necessary when a reinsurer needs to establish collateral arrangements to secure its obligations under one or more reinsurance treaties or agreements. It must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and Insurance Commission regulations, particularly regarding security requirements and collateral arrangements. The agreement typically includes specific provisions for collateral valuation, maintenance requirements, and enforcement mechanisms, while addressing both domestic and international reinsurance relationships. It's particularly relevant in cases where the reinsurer is not locally licensed or needs to provide additional security for its obligations.
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1. Parties: Identification of the reinsured (cedant), reinsurer, and any security trustee or custodian
2. Background: Context of the reinsurance relationship and purpose of the security agreement
3. Definitions: Detailed definitions of technical terms, including regulatory references and calculation methodologies
4. Security Creation: Legal provisions establishing the security interest over the collateral
5. Collateral Requirements: Specifications for acceptable forms of collateral, valuation methods, and maintenance requirements
6. Deposit and Withdrawal Mechanics: Procedures for depositing and withdrawing collateral, including timing and notice requirements
7. Representations and Warranties: Standard and specific representations from each party regarding authority, compliance, and collateral
8. Covenants: Ongoing obligations of the parties regarding maintenance of security, reporting, and regulatory compliance
9. Events of Default: Circumstances constituting default and consequences thereof
10. Rights and Remedies: Actions available to parties upon default or breach
11. Term and Termination: Duration of the agreement and termination provisions
12. Governing Law and Jurisdiction: Choice of Philippine law and jurisdiction provisions
1. Security Trustee Provisions: Required when a third-party trustee is appointed to hold the collateral
2. Foreign Exchange Provisions: Needed when collateral is denominated in foreign currencies
3. Multiple Beneficiary Provisions: Used when security is shared among multiple reinsureds
4. Investment Guidelines: Required when collateral includes investment securities that need active management
5. Tax Provisions: Detailed tax arrangements when cross-border elements exist
6. Regulatory Reporting: Additional reporting requirements for specific regulatory regimes
1. Schedule of Secured Obligations: Details of the reinsurance agreements covered by the security arrangement
2. Collateral Eligibility Criteria: Specific requirements and criteria for acceptable forms of collateral
3. Valuation Methodology: Detailed procedures for valuing different types of collateral
4. Form of Collateral Statement: Template for periodic reporting of collateral status
5. Notice Requirements: Forms and procedures for various notices under the agreement
6. Authorized Signatories: List of persons authorized to act under the agreement
7. Required Forms: Standard forms for withdrawals, deposits, and other actions
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Reinsurance
Financial Services
Banking
Risk Management
Legal Services
Asset Management
Relevant Teams
Legal
Compliance
Risk Management
Treasury
Insurance Operations
Underwriting
Finance
Regulatory Affairs
Corporate Security
International Operations
Relevant Roles
Chief Risk Officer
Reinsurance Manager
Legal Counsel
Compliance Officer
Treasury Manager
Insurance Operations Director
Chief Financial Officer
Underwriting Manager
Regulatory Affairs Manager
Security Trustee Officer
Collateral Manager
Insurance Commissioner
Risk Management Director
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