An Insurance Pooling Agreement is a crucial document used when multiple insurance companies wish to share risks and combine their capacity to provide coverage for specific types of insurance risks under Danish jurisdiction. This agreement becomes necessary when individual insurers cannot or do not wish to bear certain risks alone, particularly for large or complex insurance exposures. The document establishes the legal and operational framework for the pool, incorporating requirements from Danish insurance legislation, including the Insurance Contracts Act and Financial Business Act. It details the rights and obligations of pool members, governance structure, risk-sharing mechanisms, premium and claims handling procedures, and compliance requirements. The agreement is particularly relevant for specialized insurance sectors such as marine, aviation, or catastrophe risks, where risk-sharing through pooling arrangements is common practice.
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Key Requirements PROMPT example:
Insurance Pooling Agreement
I need an Insurance Pooling Agreement under Danish law for a group of five marine insurance companies sharing catastrophic risk coverage, with a planned pool commencement date of March 1, 2025, and including specific provisions for cybersecurity risk sharing.
1. Parties: Identification of all participating insurers in the pool
2. Background: Context of the pool formation, objectives, and general purpose
3. Definitions: Detailed definitions of technical terms, roles, and key concepts used in the agreement
4. Pool Structure and Governance: Legal structure of the pool and its governance framework, including voting rights and decision-making processes
5. Risk Sharing Mechanism: Methodology for allocation of risks, limits, and exposures among pool members
6. Premium and Claims Handling: Procedures for premium collection, claims processing, and distribution of proceeds
7. Financial Arrangements: Financial obligations, capital requirements, and settlement procedures
8. Reporting Requirements: Obligations for financial and operational reporting among pool members
9. Compliance and Regulatory Matters: Regulatory compliance requirements and procedures
10. Entry and Exit Provisions: Terms for admitting new members and procedures for member withdrawal
11. Term and Termination: Duration of the agreement and circumstances for termination
12. Dispute Resolution: Procedures for resolving disputes between pool members
13. Confidentiality: Protection of confidential information and trade secrets
14. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Reinsurance Arrangements: Used when the pool collectively purchases reinsurance coverage
2. Investment Policy: Include when the pool maintains collective investment of premiums or reserves
3. Catastrophe Event Procedures: Required for pools covering catastrophic risks
4. Run-off Procedures: Detailed procedures for handling historical claims after member exit or pool termination
5. Data Protection: Detailed GDPR compliance procedures when handling significant personal data
6. Pool Manager Provisions: Include when a third-party manager is appointed to administer the pool
7. Broker Arrangements: Used when specific broker relationships are established for the pool
8. Cross-Border Provisions: Required when pool members are from multiple jurisdictions
1. Schedule 1 - Pool Members and Participation Shares: List of all pool members and their respective participation percentages
2. Schedule 2 - Risk Acceptance Criteria: Detailed underwriting guidelines and risk acceptance criteria
3. Schedule 3 - Claims Handling Procedures: Detailed procedures for claims processing and settlement
4. Schedule 4 - Financial Reporting Templates: Standardized formats for financial reporting
5. Schedule 5 - Governance Procedures: Detailed procedures for meetings, voting, and decision-making
6. Schedule 6 - Premium Calculation Methodology: Detailed methodology for calculating and allocating premiums
7. Schedule 7 - Service Providers: List of approved service providers and their roles
8. Appendix A - Pool Manager Agreement: Agreement with the pool manager if applicable
9. Appendix B - Technical Systems and Procedures: Documentation of technical systems and operational procedures
10. Appendix C - Compliance Protocols: Detailed compliance procedures and checklists
Authors
Relevant legal definitions
Agreement
Applicable Law
Board
Business Day
Claims
Claims Handler
Confidential Information
Covered Risks
Effective Date
Excluded Risks
Financial Year
Following Insurers
Governance Committee
Insurance Pool
Lead Insurer
Member
Membership Interest
Net Premium
Participation Percentage
Pool Administration Agreement
Pool Administrator
Pool Assets
Pool Liabilities
Pool Manager
Pool Policies
Premium
Regulatory Authority
Reinsurance
Reserve Fund
Risk Acceptance Criteria
Risk Period
Service Providers
Settlement Period
Technical Provisions
Technical Reserves
Termination Date
Underwriting Committee
Underwriting Guidelines
Underwriting Year
Working Capital
Applicable Law
Board
Business Day
Claims
Claims Handler
Confidential Information
Covered Risks
Effective Date
Excluded Risks
Financial Year
Following Insurers
Governance Committee
Insurance Pool
Lead Insurer
Member
Membership Interest
Net Premium
Participation Percentage
Pool Administration Agreement
Pool Administrator
Pool Assets
Pool Liabilities
Pool Manager
Pool Policies
Premium
Regulatory Authority
Reinsurance
Reserve Fund
Risk Acceptance Criteria
Risk Period
Service Providers
Settlement Period
Technical Provisions
Technical Reserves
Termination Date
Underwriting Committee
Underwriting Guidelines
Underwriting Year
Working Capital
Clauses
Pool Membership
Risk Sharing
Premium Allocation
Claims Handling
Governance
Financial Obligations
Regulatory Compliance
Confidentiality
Data Protection
Liability
Indemnification
Dispute Resolution
Force Majeure
Termination
Exit Rights
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Severability
Entire Agreement
Representations and Warranties
Capital Requirements
Reporting
Audit Rights
Competition Compliance
Anti-Money Laundering
Reinsurance
Service Providers
Risk Sharing
Premium Allocation
Claims Handling
Governance
Financial Obligations
Regulatory Compliance
Confidentiality
Data Protection
Liability
Indemnification
Dispute Resolution
Force Majeure
Termination
Exit Rights
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Severability
Entire Agreement
Representations and Warranties
Capital Requirements
Reporting
Audit Rights
Competition Compliance
Anti-Money Laundering
Reinsurance
Service Providers
Relevant Industries
Insurance
Reinsurance
Financial Services
Risk Management
Marine Insurance
Property Insurance
Casualty Insurance
Professional Services
Legal Services
Actuarial Services
Relevant Teams
Legal
Risk Management
Compliance
Insurance Operations
Claims
Underwriting
Finance
Actuarial
Regulatory Affairs
Business Development
Relevant Roles
Chief Risk Officer
Legal Counsel
Insurance Operations Manager
Compliance Officer
Chief Underwriting Officer
Claims Manager
Actuarial Manager
Pool Administrator
Risk Manager
Insurance Portfolio Manager
Chief Financial Officer
Business Development Director
Regulatory Affairs Manager
Technical Operations Manager
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