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3. News from the Working Parties
REINSURANCE WORKING PARTY
AIDA Reinsurance Working Party 25 May 2005, Berlin
The AIDA Reinsurance Working Party met at the Intercontinental Hotel in Berlin. The meeting was chaired by the Working Party Chairman, Colin Croly.
The Working Party was updated fully on the publication of Reinsurance Working Party Reports and the Questionnaires. Colin reported that Reports 5 and 6 (Custom and Practice, and Cut-Through, Transfer and Reconstruction) had been published since the last Working Party meeting and copies were provided for the Working Party’s perusal. The Reports had been published by the Reinsurance Working Party but the publication costs had been underwritten by the firms of those editing the Reports – Barlow Lyde & Gilbert (Report 4), Condon & Forsyth (Report 5) and Phillips Fox (Report 6).
Following the circulation of the revised Questionnaire 1, a new deadline was set for responses. It was reported that the revised Questionnaires 2 and 3 will soon be circulated. In view of the recent changes in EU law, Questionnaire 7 is going to be revised and re-circulated. Respondents to the earlier version of this Questionnaire will be asked if they wish to amend their responses. Questionnaire 8 has had a number of responses but Peggy Sharon is waiting for a further few responses. She hopes to have the report completed by July. It was reported that Questionnaire 9 is ready to be circulated.
The current order numbers for Reports 4, 5 and 6 were provided. Sales figures in the UK are good but disappointing elsewhere. Members of the Working Party were encouraged to aid sales by distributing the advertising flyer at events.
Colin confirmed that the Spanish Chapter had volunteered to organise the Spanish translation of Reports 4, 5 and 6 and they were encouraged to begin this project as soon as possible.
An outline of a questionnaire on commutations and run-off was circulated, with a view to it becoming a future Report. It was agreed that the questionnaire should be expanded to include the reopening of settlements and inspections, and that commutations would be discussed at the next meeting.
Constanza Loser and Quirin Emmerich of Allianz AG gave a detailed and comparative presentation on the legal issues raised by cut-through and security assignment of reinsurance proceeds which prompted much discussion.
John Butler gave a presentation on his 45 years in reinsurance, a summary of which is included in this issue of AIDA Mail.
The next meeting of the Reinsurance Working Party will be held in Cancun, on 3 November 2005 at 16.00.
The Publication of AIDA Reinsurance Working Party Reports 4, 5 & 6
Reports 4, 5 and 6 in the series of AIDA Reinsurance Working Party Reports have now all been published. These Reports are all available to buy through the AIDA Secretariat. For further details on the Reports, plus price and purchase information, please click on the link below to access the flyer and order form.
Report 4, entitled ‘The Meaning of “Event” and Similar Phrases in Reinsurance Contracts’ (edited by Michael Mendelowitz of Barlow Lyde & Gilbert) and Report 5, entitled ‘Evidence of Custom and Practice in the Interpretation of Reinsurance Contracts’ (edited by Katherine B Posner of Condon & Forsyth) were both published at the end of 2004. The sixth Report in the series, entitled ‘Cut Through, Transfer And Reconstruction Issues’ (edited by Michael Gill and Andrew Toland of Phillips Fox), was published in 2005.
For further information on the Reinsurance Working Party Reports and details of how to obtain other Reports, please click here to be taken to the relevant section of the AIDA website.
Click here to access the Reinsurance Working Party Report order form
45 Years in the Reinsurance London Market by John Butler
John a non-practising barrister, who was formerly a legal officer with Mercantile & General Reinsurance Co, is a past president of AIDA and a past president and chairman of the British Insurance Law Association (BILA), of which he remains vice-president. In addition, John has been active as an arbitrator over many years. One of his major projects as AIDA's President was to found the AIDA Reinsurance and Insurance Arbitration Society (ARIAS), the international body which regulates reinsurance and insurance arbitrations. John remains a vice-president of ARIAS and is a regular participant at Presidential Council and Working Party meetings.
At the Reinsurance Working Party meeting in Berlin, John gave a presentation on his personal experiences in the London reinsurance market over the past 45 years, covering the changes in the market over the last 45 years, highlighting significant developments, to provide a fascinating personal reflection of the recent history of the London Reinsurance market. Please click here for a summary of John's presentation.
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