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
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SOURCE Research and Markets
