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Standard Reinsurance Agreement

Standard Reinsurance Agreement Template for South Africa

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Key Requirements PROMPT example:

Standard Reinsurance Agreement

"Need a Standard Reinsurance Agreement for a South African property insurance company transferring catastrophe risk to an international reinsurer, with specific focus on climate-related events and cross-border payment mechanisms."

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Document background
The Standard Reinsurance Agreement serves as the foundational contract between insurers and reinsurers operating within the South African insurance market. This document is essential when a primary insurer seeks to transfer portions of its risk portfolio to a reinsurer, thereby managing its exposure and meeting regulatory capital requirements. The agreement must comply with South African insurance regulations, particularly the Insurance Act 18 of 2017 and associated prudential standards, while incorporating international reinsurance best practices. It typically includes detailed provisions for risk transfer, premium calculations, claims procedures, reporting requirements, and regulatory compliance measures. This standardized agreement format ensures consistency in reinsurance arrangements while allowing for customization based on specific business needs and risk types.
Suggested Sections

1. Parties: Identification of the reinsurer and reinsured, including registration numbers and regulatory status

2. Background: Context of the agreement, nature of the reinsurance relationship, and general purpose

3. Definitions and Interpretation: Detailed definitions of technical terms, interpretation rules, and currency specifications

4. Scope of Cover: Details of risks covered, exclusions, and territorial limits

5. Premium: Premium calculation methods, payment terms, and adjustments

6. Claims Procedure: Process for notification, handling, and settlement of claims

7. Accounting and Settlement: Financial reporting requirements, settlement periods, and account statements

8. Security Requirements: Collateral requirements, letters of credit, or other security arrangements

9. Duration and Termination: Contract period, renewal terms, and termination conditions

10. Confidentiality: Provisions for handling confidential information and data protection

11. Dispute Resolution: Procedures for handling disputes, including jurisdiction and applicable law

12. General Provisions: Standard contract clauses including notices, amendments, and severability

Optional Sections

1. Sanctions Clause: Include when international business is involved, addressing compliance with international sanctions

2. Intermediary Clause: Required when a broker or intermediary is involved in the arrangement

3. Currency Conversion: Necessary for international agreements with multiple currencies

4. Offset Provisions: Optional clause allowing for offsetting of balances between parties

5. Electronic Data Processing: Include when automated systems are used for premium or claims processing

6. Pandemic/Epidemic Exclusion: Specific exclusions for large-scale health events

7. Cyber Risk Provisions: Include when cyber risks are specifically covered or excluded

8. Climate Change Risks: Specific provisions for climate-related risks and reporting

Suggested Schedules

1. Schedule A - Covered Business: Detailed description of risks, limits, and conditions of coverage

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 - Reporting Templates: Standard formats for periodic reporting and accounts

5. Schedule E - Security Requirements: Detailed specifications for collateral or security arrangements

6. Appendix 1 - Service Level Agreement: Operational requirements and performance standards

7. Appendix 2 - Compliance Requirements: Specific South African regulatory compliance requirements

8. Appendix 3 - Data Protection Protocol: Detailed procedures for handling personal and sensitive data

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Bordereau
Business Day
Cedent
Claim
Commencement Date
Confidential Information
Contract Year
Covered Business
Effective Date
Event
Exclusions
FSCA
Financial Year
Gross Premium
Insurance Act
Insured
Layer
Line of Business
Loss
Net Retained Lines
Original Policy
PA
Policy Period
Portfolio
Premium
Prudential Authority
Reinsured Risk
Reinsurer
Retention
Risk
SARB
Schedule
Securities
South African Rand
Statement of Account
Subject Business
Term
Territory
Treaty
Underlying Insurance Contract
Underwriting Year
ZAR
Clauses
Scope of Cover
Premium Payment
Claims Notification
Claims Settlement
Account Settlement
Offset
Foreign Exchange
Confidentiality
Data Protection
Regulatory Compliance
Sanctions
Risk Transfer
Security Requirements
Reporting Requirements
Intermediary
Territory
Duration
Termination
Early Termination
Renewal
Amendment
Assignment
Subrogation
Inspection of Records
Errors and Omissions
Follow the Fortunes
Insolvency
Arbitration
Governing Law
Jurisdiction
Force Majeure
Notices
Entire Agreement
Severability
Third Party Rights
Warranties
Representations
Non-Waiver
Good Faith
Counterparts
Electronic Communications
Anti-Money Laundering
Currency Conversion
Dispute Resolution
Loss Notification
Portfolio Transfer
Relevant Industries

Insurance

Financial Services

Risk Management

Maritime Insurance

Property Insurance

Casualty Insurance

Life Insurance

Agricultural Insurance

Aviation Insurance

Energy Insurance

Relevant Teams

Legal

Compliance

Underwriting

Claims

Risk Management

Finance

Actuarial

Operations

Regulatory Affairs

Portfolio Management

Treaty Administration

Relevant Roles

Chief Risk Officer

Reinsurance Manager

Underwriting Director

Compliance Officer

Legal Counsel

Treaty Manager

Claims Manager

Actuarial Manager

Finance Director

Insurance Operations Manager

Portfolio Manager

Risk Analyst

Technical Underwriter

Regulatory Affairs Officer

Industries
Insurance Act 18 of 2017: The primary legislation governing insurance and reinsurance business in South Africa, including licensing requirements, prudential standards, and regulatory oversight
Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002: Regulates the provision of financial advisory and intermediary services to clients in South Africa, including reinsurance intermediary services
Financial Sector Regulation Act 9 of 2017: Establishes regulatory framework for financial sector, including the powers of the Prudential Authority and Financial Sector Conduct Authority
Exchange Control Regulations: Governs cross-border financial transactions and transfer of funds, relevant for international reinsurance arrangements
Companies Act 71 of 2008: Provides the legal framework for corporate entities and their operations, relevant for corporate governance aspects of reinsurance agreements
Financial Intelligence Centre Act 38 of 2001: Addresses anti-money laundering and counter-terrorism financing requirements applicable to financial institutions including reinsurers
Protection of Personal Information Act 4 of 2013: Governs the handling of personal information, relevant for data protection clauses in reinsurance agreements
Common Law of Contract: Fundamental principles of contract law that govern formation, interpretation, and enforcement of reinsurance agreements
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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