ANNEX A
The establishment of agreed reinsurance cessions in favour of the Asian Reinsurance Corporation
The Governments of the member States of the Asian Reinsurance Corporation,
desirous of securing a regular basic flow of reinsurance business to the
Corporation, agree as follows:
1. All insurance and reinsurance institutions operating in their countries
shall be directed to cede to the Corporation uniform percentages of all their
outward reinsurance treaties placed abroad, not less than the equivalent of
5 per cent of each of these treaties, or 500,000 United States dollars of
acceptable reinsurance premiums, whichever the lesser.
2.
1
The shares of the outward reinsurance treaties so ceded to the Corporation
shall be made on the best terms and conditions as accorded in these treaties,
with the exception of reciprocity conditions where special arrangements may
have to be made between each ceding company and the Corporation.
3.
T
In the case of foreign insurers not having separate reinsurance
arrangements in respect of local risks, the member Governments shall take such
measures as are necessary to bring about in another form a commensurate
- contribution of business to the Corporation.
น.
The Corporation shall be bound to accept all the agreed shares of all
treaties offered to it pursuant to this annex, except when such cessions are
not in conformity with the underwriting guidelines laid down by the Council
and implemented by the Management Board.
5. Each Government, upon becoming a member of the present Agreement, shall
notify the Corporation in writing of the percentages and/or amounts of premiums
as well as the precise manner in which the agreed cessions will be made to the
Corporation from the insurance market of its country.
6.
A Government which, upon becoming a member of the present. Agreement,
enters a qualification that it is unable to comply with the provisions of this annex shall be exempted therefrom.
7.
The provisions of this annex shall be reviewed by the Council of Members
four years after the entry into force of the present Agreement.
No comments yet.
Private notes are available after approval.