PART I: The Nature of Reinsurance Transactions
1: Nature Terminology and Definition of Reinsurance
1. Nature and Purpose of Reinsurance
2. Outline of Reinsurance Terminology
3. Sources of Reinsurance Law
4. Legal Definition of Reinsurance
2: Introduction to the Reinsurance Market
1. Reinsurance in Historical Perspective
2. Lloyd’s and the London Market
3. Captives and the Bermuda Market
PART II: General Principles of Reinsurance Contract Law
3: Formation of the Reinsurance Contract
1. London Market Practice
2. General Contractual Principles
3. The Reinsurance Slip and the Leading Underwriter
4. Bermuda Market Practice
5. Summary
4: The Relationship Between the Reinsurance Contract and Original Insurance Contracts
1. Reinsurance upon the same terms as original insurance
2. Non-proportional Insurance
3. The Interpretation of Reinsurance Contracts
4. Summary
5: The Reinsurer’s Obligation to Pay Claims met by the Reinsured – Follow the Settlements – The Rights of the Reinsurer
1. Follow the Fortunes/Follow the Settlements Clauses
2. The Nature and Extent of the Reinsurer’s Liability
3. The Reinsurer’s Rights Against the Reinsured
6: The Reinsurer’s Grounds for Denying Liability
1. Misrepresentation and Non-disclosure
2. Miscellaneous Breaches of Warranty
3. Summary
7: Some Legal Aspects of Particular Types of Reinsurance Contract
1. Marine Reinsurance
2. Proportional Reinsurance
3. Non-proportional Reinsurance
8: Financial Reinsurance and Alternative Risk Transfer
1. Nature, History and Definition of Financial Reinsurance
2. The Legal Consequences of Financial Reinsurance
3. Alternative Risk Transfer
PART III: Reinsurance Intermediaries and the Law of Agency
9: The Legal Nature and Duties and of Intermediaries
1. Outline of the Law of Agency
2. The Broker/Intermediary as Agent of the Reinsured
3. Legal Duties of Intermediaries
4. Regulation of Intermediaries
5. Summary
10: Binding Authorities, Underwriting Agents and Pools
1. Underwriting Agents and Binding Authorities
2. Pools and Fronting
3. Agency Issues at Lloyd’s
4. Summary
11: Reinsurance Intermediaries’ (Brokers’) Accounts – Theory, Law and Practice
1. Theoretical Perspective
2. Market Practices
3. Legal Problems of Funding and Set-Off
4. Summary
PART IV: Reinsurance Disputes and the Conflict of Laws
12: Choice of Law in Reinsurance Transactions
1. The Law Governing Reinsurance Agreements
2. Reinsurance Intermediaries and the Conflict of Laws
13: Reinsurance Litigation
1. Introduction
2. Jurisdiction and Enforcement of Foreign Judgments
3. Miscellaneous Procedural Issues
4. Limitation of Actions
14: Reinsurance Arbitration
1. Outline of English Arbitration Law and Practice
2. Outline of Bermuda Arbitration Law and the UNCITRAL Model Law
3. Special Problems relating to Reinsurance Arbitration
4. Arbitration and the Conflict of Laws
PART V: Reinsurance Regulation and Insolvency
15: Solvency Regulation and Protection of the Reinsured’s Security
1. Regulation in the United Kingdom and Bermuda
2. Letters of Credit and Other Forms of Security
3. Assessment of Pre-Emptive Action
16: Reinsurance Run-Off and the Prospect of Insolvency
1. Some Legal Problems of Reinsurance Run-Off
2. Liability of Directors, Officers and Advisors
3. Liability of Shareholders/Members
17: Insolvency Procedures I: Overview, Winding Up and International Recognition
1. Introduction
2. Winding-Up Petitions
3. Some Legal Problems of Reinsurance Liquidations
4. International Recognition and Judicial Co-operation
18: Insolvency Procedures II: Administration, Schemes of Arrangement and Transfers of Business
1. Introduction
2. Types of Scheme
3. Proposals for Reform
