Follow the Settlements is the second comparative study conducted under the auspices of the Reinsurance Working Party.
The Reinsurance Working Party was formed by AIDA (Association Internationale de Droit des Assurances) at the World Congress in 1994 and comprises leading reinsurers and lawyers from all over the world. At its first meeting the Party determined that it would produce a collation of comparative reinsurance law, to be built up by questionnaires on particular aspects of law and published in a series of reports.
Follow the Settlements is the second comparative study conducted under the auspices of the Reinsurance Working Party. Follow the Settlements refers to the reinsurer's agreement to "follow the settlements" of its reinsureds and this report covers:
- the general law of "follow the settlements"
- the reinsurer's duty to follow settlements
- follow the settlement clauses alternative wording for "follow the settlements".
It is apparent from the Report that the topic of follow the settlements has not received a great deal of judicial consideration outside the common law countries and the vast majority of decided cases emanate from the United Kingdom and the United States. However, the Report also includes responses from countries as diverse as Argentina, Australia, Denmark, France, Germany, Italy, Israel, Sweden and Switzerland, and whilst questionnaires returned from these jurisdictions may not be based on actual decisions, they are nevertheless founded on the considered views of the leading lawyers in the field.
Providing a truly global comparison of reinsurance practice in this area, Follow the Settlements will be essential reading for anyone involved in the field of reinsurance including practitioners, insurers, reinsurers, brokers and legal and financial advisors.
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