Hi There,
{Disclaimer : This post is not intended to be a legal or expert advise or consultation. Please refer to your lawyer/legal department for legal advise/consultation. All liabilities are hereby expressly disclaimed}
So if you work with an Insurance or Reinsurance industry and your job is to review such treaties/agreements, the you may consider the below important clauses that should be given due emphasis in a Reinsurance Agreement :
- Follow the fortunes clause (Follow the underwriting fortunes vs. follow the fortunes)
- Errors and Omissions clause
- Run-off : natural vs. contractual expiry vs Cut-off basis
- Cut-through clause
- Sunset clause : if you are an insurer then you need to tread with caution on this one.
Further as with all other agreements, the below 2 clauses should also be verified :
- Term and Termination
- Governing law and Jurisdiction
Hope this helps. Cheers
Deliberations 