Loss Portfolio Transfer Agreements are crucial risk transfer instruments in the German insurance market, used when insurers seek to transfer their existing insurance liabilities to a reinsurer. These agreements are particularly relevant in scenarios such as business restructuring, exit from certain insurance lines, or capital management optimization. The document must comply with German regulatory requirements, particularly the Versicherungsaufsichtsgesetz (VAG) and requires BaFin approval. It typically includes detailed provisions on portfolio valuation, transfer mechanics, claims handling procedures, data protection measures, and ongoing administrative responsibilities. The agreement's structure reflects both German legal requirements and international reinsurance market practices, making it a complex instrument that requires careful drafting to ensure regulatory compliance while meeting the commercial objectives of both parties.
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1. Parties: Identification of the transferring insurer (cedent) and assuming reinsurer
2. Background: Context of the transfer, including brief description of the portfolio and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Transfer: Detailed description of the insurance portfolio being transferred, including types of policies, time periods, and territories
5. Transfer Price and Payment Terms: Specification of the consideration for the transfer and payment mechanics
6. Effective Date and Implementation: Timing of the transfer and steps for implementation
7. Representations and Warranties: Key statements about the portfolio, business practices, and authority to enter into the agreement
8. Claims Handling and Administration: Responsibilities and procedures for ongoing claims management
9. Regulatory Compliance: Obligations regarding regulatory approvals and ongoing compliance
10. Data Protection and Confidentiality: Provisions for handling confidential information and personal data
11. Dispute Resolution: Procedures for resolving disputes between the parties
12. Governing Law and Jurisdiction: Specification of German law as governing law and jurisdiction details
1. Novation Provisions: Required when the transfer involves novation of policies rather than reinsurance
2. Staff Transfer Provisions: Needed when claims handling staff are being transferred as part of the deal
3. Investment Management: Required when the agreement includes specific provisions about management of transferred assets
4. Collateral Requirements: Included when security or collateral is required for the transfer
5. Transition Services: Needed when the cedent will provide temporary services post-transfer
6. Broker Involvement: Required when brokers have ongoing roles or commission arrangements
7. Tax Provisions: Detailed tax provisions when specific tax structures or implications need to be addressed
1. Portfolio Description: Detailed list and description of policies being transferred
2. Transfer Price Calculation: Methodology and calculations for determining the transfer price
3. Claims Handling Procedures: Detailed procedures and standards for claims handling
4. Service Levels: Performance metrics and service standards for ongoing administration
5. Data Transfer Specifications: Technical details of data transfer format and requirements
6. Required Regulatory Approvals: List of required regulatory approvals and status
7. Actuarial Report: Summary of actuarial evaluation and assumptions
8. Form of Notices: Templates for required notices to policyholders or regulators
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