Standard Reinsurance Agreement Template for Philippines

1. Profit Commission: Terms for profit-sharing arrangements, used when profit commission is part of the commercial terms

2. Portfolio Transfer: Provisions for transfer of existing portfolios, included when the agreement involves transfer of historical business

3. Intermediary Clause: Details of broker involvement and responsibilities, included when a reinsurance broker is involved

4. Currency Conversion: Rules for handling multiple currencies, needed for international reinsurance arrangements

5. Special Acceptance: Procedures for risks outside standard terms, included for facultative-obligatory treaties

6. Sanctions Clause: Compliance with international sanctions, particularly relevant for international reinsurance

7. Electronic Data Processing: Provisions for electronic data exchange, included when automated systems are used

8. Natural Catastrophe Definition: Specific definitions and procedures for natural catastrophe events, essential for property catastrophe treaties

1. Schedule A - Risk Details: Detailed description of covered risks, limits, deductibles, and special conditions

2. Schedule B - Premium Calculation: Detailed methodology for premium calculation, including rates and adjustment factors

3. Schedule C - Claims Procedure: Detailed claims handling procedures and documentation requirements

4. Schedule D - Reporting Format: Templates and formats for required periodic reports and bordereaux

5. Schedule E - Security Requirements: Detailed requirements for letters of credit or other security arrangements

6. Appendix 1 - Underwriting Guidelines: Detailed guidelines for risk acceptance and pricing

7. Appendix 2 - Claims Guidelines: Detailed procedures for claims handling and settlement authority

8. Appendix 3 - Information Technology Requirements: Technical specifications for data exchange and system requirements