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The Law of Reinsurance in England and Bermuda

Awarded the 1998 British Insurance Law Association Book Prize

"Ultimately the law of reinsurance is concerned with giving effect to the wording of contracts that the parties have agreed, sometimes to the surprise of their advisers! Lewis Carroll’s Alice Through the Looking Glass, although a favourite source for English Judges since 1942 when considering the meaning of words, does not always give the best help. In future practitioners, whether commercial or legal, will have the far greater benefit resulting from the enormous industry of Terry O’Neill and Jan Woloniecki in the form of ‘The Law of Reinsurance’. I am sure that the book will serve us well." Mr. Justice Aikens

CONTENTS

PART I

The Nature of Reinsurance Transactions
1. NATURE, TERMINOLOGY AND DEFINITION OF REINSURANCE

1. Nature and Purpose of Reinsurance
2. Outline of Reinsurance Terminology
3. Legal Definition of Reinsurance
   

1. INTRODUCTION TO THE REINSURANCE MARKET

1. Reinsurance in Historical Perspective
2. Lloyd’s and the London Market
3. Captives and the Bermuda Market

PART II

General Principles of Reinsurance Contract Law
3. FORMATION OF THE REINSURANCE CONTRACT

1. London Market Practice
2. General Contractual Principles
3. The Reinsurance Slip
4. Summary
   

4. THE RELATIONSHIP BETWEEN THE REINSURANCE CONTRACT AND ORIGINAL INSURANCE CONTRACTS

1. Reinsurance upon the same Terms as Original Insurance
2. Non-Proportional Reinsurance
3. The Interpretation of Insurance Contracts
4. Summary
   

5. THE REINSURER’S RIGHTS AND HIS OBLIGATIONS TO PAY THE CLAIMS AND SETTLEMENTS OF THE REINSURED

1. Follow the Fortunes/Follow the Settlements Clauses
2. The Nature and Extent of the Reinsurer’s Liability
3. The Reinsurer’s Rights against the Reinsured
4. Summary

6. THE REINSURER’S GROUNDS FOR DENYING LIABILITY

1. Misrepresentation and Non-Disclosure
2. Miscellaneous Breaches of Warranty
3. Illegality
4. Summary
   

7. SOME LEGAL ASPECTS OF PARTICULAR TYPES OF REINSURANCE CONTRACT

1. Marine Reinsurance
2. Proportional Reinsurance
3. Non-Proportional Reinsurance
   

8. FINANCIAL REINSURANCE

1. Nature, History and Definition of Financial Reinsurance
2. The Legal Consequences of Financial Reinsurance
3. Alternative Risk Transfer

PART III

Reinsurance Intermediaries and the Law of Agency

9. THE LEGAL NATURE AND DUTIES OF BROKERS

1. Outline of the Law of Agency
2. The Broker as Agent of the Reinsured
3. Legal Duties of Brokers
4. Regulation of Brokers
5. Summary
   

10. BINDING AUTHORITIES, UNDERWRITING AGENTS AND POOLS

1. Underwriting Agents and Binding Authorities
2. Pools and Fronting
3. Agency Issues at Lloyd’s
4. Summary
   

11. REINSURANCE BROKERS’ACCOUNTS – THEORY PRACTICE AND LAW

1. Theoretical Perspective
2. Market Practice
3. Legal Problems of Funding and Set-Off
4. Summary

PART IV

Reinsurance Disputes and the Conflict of Laws

12. CHOICE OF LAW IN REINSURANCE TRANSACTIONS

1. The Law Governing Reinsurance Agreements
2. Reinsurance Intermediaries and the Conflict of Laws
   

13. REINSURANCE LITIGATION

1. Jurisdiction and Enforcement of Foreign Judgements
2. Parties
3. Miscellaneous Procedural Issues
4. Limitation of Actions
   

14. REINSURANCE ARBITRATION

1. Outline of English Arbitration Law and Practice
2. Outline of Bermuda Arbitration Law and the UNCITRAL Model Law
3. Special Problems Relating to Reinsurance Arbitration
4. Arbitration and the Conflict of Laws

PART V

Reinsurance Regulation and Insolvency

15. SOLVENCY REGULATION AND PROTECTION OF THE REINSURED’S SECURITY

1. Regulation in the United Kingdom and Bermuda
2. Letters Credit and Other Forms of Security
3. Assessment of Reinsurer Solvency and Pre-Emptive Action

16. REINSURANCE RUN-OFFS AND THE PROSPECT OF INSOLVENCY

1. Some Legal Problems of Reinsurance Run-Off
2. Liability of Directors, Officers and Advisers
3. Liability of Shareholders/Members
   

16. REINSURANCE LIQUIDATIONS

1. Introduction
2. Winding-Up Petitions
3. Some Legal Problems of Reinsurance Liquidations
   

16. SCHEMES OF ARRANGEMENT FOR REINSURANCE COMPANIES

1. Introduction
2. Types of Scheme
3. Proposals for Reform
   

Order your copy of

"The Law of Reinsurance in England and Bermuda"
by P.T. O’Neill and J.W. Woloniecki
(1st Edition, 1998)

from Sweet & Maxwell

Also order the first supplement which was published in January 2000