Loss Portfolio Transfer Agreement Generator for England and Wales

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Key Requirements PROMPT example:

Loss Portfolio Transfer Agreement

"Need a Loss Portfolio Transfer Agreement to transfer our UK motor insurance portfolio valued at £50M to ABC Reinsurance, with specific provisions for claims handling during a 12-month transition period starting March 2025."

Document background

A Loss Portfolio Transfer Agreement is utilized when an insurer wishes to transfer a block of insurance business to another carrier, typically to exit a line of business, improve capital efficiency, or manage run-off portfolios. The agreement, governed by English and Welsh law, must detail the scope of transferred liabilities, consideration payment, claims handling procedures, and regulatory compliance requirements. It requires careful structuring to ensure compliance with UK insurance regulations, particularly Solvency II requirements and Part VII transfer provisions where applicable.

Suggested Sections

1. Parties: Identification of the transferor and transferee, including full legal names and registered addresses

2. Background/Recitals: Context of the transfer, description of the portfolio, and purpose of the agreement

3. Definitions: Key terms used throughout the agreement, including technical insurance terms

4. Transfer and Consideration: Core terms of the portfolio transfer and payment arrangements

5. Effective Date: Specification of when the transfer becomes effective

6. Transferred Liabilities: Detailed description of liabilities being transferred

7. Payment Terms: Details of payment structure, timing, and mechanisms

8. Representations and Warranties: Standard warranties and specific insurance-related representations

9. Regulatory Compliance: Obligations regarding regulatory approvals and ongoing compliance

Optional Sections

1. Claims Handling: Procedures for handling claims post-transfer when claims handling responsibilities are being transferred

2. Data Protection: Specific data protection obligations when personal data is involved in the transfer

3. Transition Services: Temporary services provided by transferor when operational transition support is needed

4. Security Arrangements: Details of any collateral or security requirements when additional security is required

Suggested Schedules

1. Portfolio Description: Detailed list of policies being transferred

2. Claims Register: List of outstanding claims and their status

3. Actuarial Report: Technical analysis of the portfolio

4. Transfer Mechanics: Detailed procedures for executing the transfer

5. Required Regulatory Approvals: List of necessary regulatory consents and their status

6. Calculation of Transfer Payment: Methodology and calculations for transfer consideration

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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
Financial Services
Risk Management

Relevant Teams

Legal
Risk Management
Actuarial
Finance
Compliance
Claims

Relevant Roles

Chief Risk Officer
Chief Actuary
General Counsel
Chief Financial Officer
Portfolio Manager
Insurance Manager
Compliance Officer

Industries

Financial Services and Markets Act 2000 (FSMA): Primary legislation governing financial services and insurance business in the UK, including Part VII which specifically deals with insurance business transfers

FSMA Regulated Activities Order 2001: Defines which activities require authorization from financial regulators, including specific insurance-related activities

Insurance Act 2015: Key legislation governing insurance contracts, duty of fair presentation, warranties, and remedies in insurance law

Third Parties (Rights Against Insurers) Act 2010: Legislation protecting third party rights in insurance contracts and transfers

PRA Regulations: Prudential regulatory requirements governing insurance companies' capital, risk management, and operational standards

FCA Rules and Guidance: Conduct regulations ensuring fair treatment of customers and market integrity in insurance business

UK Solvency II Regulations: Post-Brexit retained regulations governing insurance companies' capital requirements and risk management

FSMA Control of Business Transfers Regulations 2001: Specific requirements for insurance business transfer applications and processes

Common Law Contract Principles: Fundamental principles of contract law applying to insurance agreements under English and Welsh law

Law of Property (Miscellaneous Provisions) Act 1989: Legislation governing formal requirements for certain types of contracts and property transfers

Contracts (Rights of Third Parties) Act 1999: Legislation governing third party rights in contractual arrangements

UK General Data Protection Regulation: Post-Brexit data protection regulation governing the processing of personal data in insurance transfers

Data Protection Act 2018: UK's implementation of data protection requirements, including specific provisions for insurance data

EU Retained Law: Relevant European Union laws retained in UK legislation post-Brexit affecting insurance business

Cross-border Insurance Regulations: Regulations governing international insurance transactions and transfers across jurisdictions

Sanctions Compliance Requirements: Legal requirements ensuring insurance transfers comply with international sanctions and restricted party regulations

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Let's create your Loss Portfolio Transfer Agreement

Authors

Alex Denne

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