The Standard Reinsurance Agreement serves as the foundational document for reinsurance arrangements in Singapore's sophisticated financial services sector. It complies with MAS regulations and the Insurance Act 1966, providing a framework for risk transfer between insurers and reinsurers. This agreement is essential when a primary insurer needs to manage its risk exposure by transferring portions of its insurance portfolio to a reinsurer, ensuring financial stability and increased underwriting capacity. The document typically incorporates local regulatory requirements while adhering to international reinsurance practices.
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Key Requirements PROMPT example:
Standard Reinsurance Agreement
"Need a Standard Reinsurance Agreement for a Singapore-based property insurance portfolio, with a retention limit of SGD 1 million per risk and coverage for natural catastrophes, to commence from January 1, 2025."
1. Parties: Identifies the reinsurer and cedent with full legal names and addresses
2. Background: Sets out context and purpose of the reinsurance arrangement
3. Definitions: Key terms used throughout the agreement
4. Scope of Cover: Details of risks covered, limits, and exclusions
5. Premium: Premium calculation, payment terms and adjustments
6. Claims Procedures: Process for notification and settlement of claims
7. Duration and Termination: Contract period and termination provisions
1. Sanctions Clause: Required when parties may be subject to international sanctions
2. Broker Involvement: Terms relating to broker's role and responsibilities when a broker is involved in the arrangement
3. Profit Commission: Terms for profit-sharing arrangements in proportional treaties
1. Schedule A - Risk Details: Detailed description of covered risks and exclusions
2. Schedule B - Premium Calculation: Detailed premium calculation methodology
3. Schedule C - Claims Reporting Templates: Standard forms for claims notification and documentation
4. Schedule D - Bordereau Reporting Format: Template for periodic risk and premium reporting
Authors
Relevant legal definitions
Agreement
Applicable Law
Business Day
Cedent
Claims
Commencement Date
Confidential Information
Contract Period
Covered Business
Effective Date
Event
Excluded Risks
Experience Account
Force Majeure
Gross Net Premium Income
Loss
Loss Adjustment Expenses
Loss Ratio
MAS
Material Change
Net Retained Lines
Original Policy
Premium
Reinsurance Premium
Reinsured Business
Retention
Risks
Schedule
Subject Business
Territory
Treaty Year
Ultimate Net Loss
Underwriting Year
Working Day
Applicable Law
Business Day
Cedent
Claims
Commencement Date
Confidential Information
Contract Period
Covered Business
Effective Date
Event
Excluded Risks
Experience Account
Force Majeure
Gross Net Premium Income
Loss
Loss Adjustment Expenses
Loss Ratio
MAS
Material Change
Net Retained Lines
Original Policy
Premium
Reinsurance Premium
Reinsured Business
Retention
Risks
Schedule
Subject Business
Territory
Treaty Year
Ultimate Net Loss
Underwriting Year
Working Day
Clauses
Acceptance of Risk
Amendments
Arbitration
Assignment
Cancellation
Claims Cooperation
Claims Notification
Commencement and Duration
Commissions
Compliance with Laws
Confidentiality
Currency
Data Protection
Dispute Resolution
Entire Agreement
Errors and Omissions
Follow the Fortunes
Force Majeure
Governing Law
Indemnification
Inspection of Records
Insolvency
Intermediary
Loss Settlements
Notices
Offset
Premium Payment
Premium Warranties
Regulatory Compliance
Reporting Requirements
Representations and Warranties
Retention
Sanctions
Security Requirements
Severability
Subrogation
Taxes
Territory
Third Party Rights
Waiver
Amendments
Arbitration
Assignment
Cancellation
Claims Cooperation
Claims Notification
Commencement and Duration
Commissions
Compliance with Laws
Confidentiality
Currency
Data Protection
Dispute Resolution
Entire Agreement
Errors and Omissions
Follow the Fortunes
Force Majeure
Governing Law
Indemnification
Inspection of Records
Insolvency
Intermediary
Loss Settlements
Notices
Offset
Premium Payment
Premium Warranties
Regulatory Compliance
Reporting Requirements
Representations and Warranties
Retention
Sanctions
Security Requirements
Severability
Subrogation
Taxes
Territory
Third Party Rights
Waiver
Relevant Industries
Relevant Teams
Relevant Roles
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