DUBLIN, Dec. 22, 2023 /PRNewswire/ — The “Advanced Reinsurance Contracts and Disputes Masterclass Training Course” has been added to  ResearchAndMarkets.com’s offering.

Reinsurance industry practices have changed in recent years, placing more and more emphasis and importance on reinsurance contract wordings. It is more apparent that a contract is only an advantage if it exactly reflects what the underwriter intended and the insured expected.

If companies want to avoid lengthy and expensive disputes, they must develop clear and thorough reinsurance agreements and avoid frequent and small nuances that can land reinsurance companies in trouble.

This seminar focuses on the more advanced, up-to-the-minute issues.

Benefits of attending

• Get up-to-date with the latest developments in applicable law
• Understand the impact of the Insurance Act 2015 and the Enterprise Act 2016 on your policy wording
• Hear about the role of notice, information and claims control/cooperation clauses
• Grasp and learn to avoid the common mistakes in drafting watertight reinsurance clauses
• Master the latest developments in property and casualty clauses
• Gain knowledge of the regulatory considerations when launching a new product
• Understand the implications of recent judgments involving follow clauses
• Learn how to be prepared for reinsurance disputes and how to deal with them when they arise

Course Agenda

Follow wordings – issues, options and effective drafting

• Arbitration awards, and English/foreign judgments
• Settlements – how to draft wide or narrow clauses
• “Without prejudice” and “ex-gratia” settlements
• Businesslike steps and the burden of proof
• Dealing with commutations

The Insurance Act 2015 and the Enterprise Act 2016 – case update and how they impact your policy wording

• The legal nature of warranties (sections 9 and 10)
• The effect of Section 11
• How to draft around section 11(3) – terms defining the risk
• Fair Presentation – new rules and wording tweaks
• Section 13A, damages for late payment of claims; key drafting issues for reinsurers
• Contracting out and the transparency requirements

Notice, information and claims control/cooperation clauses

• Purpose
• Reporting and notice clauses – “immediate’, “as soon as practicable” notice
• Conditions precedent
• Access to records clauses
• Late notice issues
• Confidentiality

Drafting watertight reinsurance clauses: some common mistakes

• Full follow clause/back-to-back presumption
• Avoid incorporate
• Don’t cut and paste
• Check for internal consistency between clauses
• Put all the clauses in the right places in the document
• Use clear language
• Make sure definitions are relevant to all uses
• Don’t use the same words in different senses
• Don’t rely on the courts to imply terms

Developments in property and casualty clauses

• Wording issues for emerging and developing markets
• Clauses broadening cedants’ rights
• Additional observations and developments

Aggregation

• Drafting for the correct breadth of aggregating factor (“loss”, “occurrence”, “series”, “event”, “catastrophe”, “originating cause”)
• Hours clauses
• Considering drafting issues in the context of recent catastrophes including Covid-19
• Practical tips

Regulatory considerations when launching a new product

• Why is regulatory compliance important?
• Why is regulatory risk higher for new products?
• The impact of insurance regulation on the structure, content and sale of new products
• How do you create a compliant MVP?
• What are the risks of working with other business partners/distribution partners?

Being prepared for reinsurance disputes: Wordings and their role in dispute resolution

• Governing law and jurisdiction
• Arbitration
• Mediation (and med/arb)
• Selection of panel members
• Disclosure and evidentiary matters
• Settlement agreements and commutations (including IBNR)

For more information about this training visit https://www.researchandmarkets.com/r/mgvzsp

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected] 
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets