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• W131650827 abstract "I. Background WRITING TOWARDS the end of the 18th Century, at a time when reinsurance contracts were prohibited England by statute, (1) Park J. said Reassurance, as understood by the law of England, (2) may be said to be a contract which the first insurer enters into, order to relieve himself from those risks which he has incautiously undertaken, by throwing them upon other underwriters, who are called re-assurers. (3) Historically there has been some discussion on whether reinsurance actually constitutes a form of liability insurance contract whereby the re-insurance insures the liability of the cedant or is indeed a different specific type of contract that is properly called the distinguishing feature of which is that the subject matter of the reinsurance is treated as being the same as that of the original insurance. England, Lord Mansfield answered that question 200 years ago: a reinsurance, ... consists of a new assurance, effected by a new policy, on the same risk which was before insured, order to indemnify the underwriters from their previous subscription and both policies are existence at the same time. (4) Lord Hoffman affirmed this recently Charter Reinsurance Co Ltd v. Fagan: (5) Contracts of reinsurance were unlawful until 1864. Such contract [of reinsurance] is not insurance of the primary insurer's potential liability or disbursement. It is independent contract between reinsured and reinsurer which the subject matter of the insurance is the same as that of the primary insurance, that is to say, the risk to the ship or goods or whatever might be insured. The difference lies the nature of the insurable interest, which the case of the primary insurer arises from his liability under the original policy.... other words, even a perfectly proportional facultative reinsurance is not insurance against liability, and ipso facto not one against any liability which the reinsured may incur under his own insurance. Accordingly, one of the perennially vexed questions which arises reinsurance is the extent to which a reinsurer is liable to pay the losses suffered by the reinsured. In proportional reinsurance the reinsurer or reinsurers accept a specified percentage of the risk and receive the same percentage of the gross premium or 'gross/net premium' as it is quaintly called--the premium to the reinsured net of commission paid by him. The fortunes of the reinsured and the reinsurer, on the business written should, proportionately, be the same. (6) order to ensure that their fortunes are indeed the same, other words that reinsurances do respond properly to losses properly paid by reinsureds, English law has developed a substantial body of case law. II. Follow the Fortunes Insurance Company of Africa v. Scor (UK) Reinsurance Co. Limited, (7) the Court of Appeal laid down that where a reinsurance contract contains a follow the settlements clause, any case which the cedant insurers can establish that: (1) the claim falls as a matter of law within the risks covered by the reinsurance policy; (8) (2) they have acted good faith and without fraud or collusion; and (3) they have acted in a proper and businesslike manner, reinsurers must pay their proportion of the claim. Such a is frequently, indeed usually, to be found London market facultative reinsurance contracts. It is often incorporated within what is called a full reinsurance clause (or full R/I clause). (9) Such a tends to be regarded as an essential part of the facultative reinsurance policy. (10) The use of such shorthand is part and parcel of normal London market practice. Although as time has gone by the law has developed, brokers have become more cautious. Lloyd's and the company market have also become more demanding, so although the length of placement slips the London market has expanded, they remain succinct, using market shorthand. …" @default.
• W131650827 created "2016-06-24" @default.
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• W131650827 date "2010-07-01" @default.
• W131650827 modified "2023-09-23" @default.
• W131650827 title "The Limitations of Back to Back as a Concept in Reinsurance in English Law Following Lexington V. AGF (and Lexington V. Wasa)" @default.
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