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Standard Reinsurance Agreement
"I need a Standard Reinsurance Agreement under Indonesian law for a property and casualty insurance portfolio, with a focus on natural disaster coverage and a retention limit of USD 1 million, to be effective from March 1, 2025."
1. Parties: Identification of the reinsurer and cedent company, including their registration details and licenses in Indonesia
2. Background: Context of the agreement, relationship between parties, and purpose of the reinsurance arrangement
3. Definitions: Detailed definitions of technical terms, including specific Indonesian insurance terminology and regulatory references
4. Scope of Coverage: Detailed description of risks covered, exclusions, and territorial limits
5. Premium and Payment Terms: Premium calculation methodology, payment schedule, and currency provisions
6. Claims Procedure: Process for notification, handling, and settlement of claims
7. Retention and Limits: Specification of retention levels and coverage limits in accordance with OJK requirements
8. Duration and Renewal: Term of agreement, renewal conditions, and termination provisions
9. Representations and Warranties: Standard warranties and specific representations required under Indonesian law
10. Obligations of the Parties: Detailed responsibilities of both cedent and reinsurer
11. Reporting Requirements: Periodic reporting obligations and documentation requirements
12. Confidentiality: Provisions regarding confidential information and data protection
13. Dispute Resolution: Dispute resolution mechanisms compliant with Indonesian law
14. Governing Law: Specification of Indonesian law as governing law and relevant jurisdictional provisions
1. Broker Involvement: Required when a reinsurance broker is involved in the arrangement, detailing their role and responsibilities
2. Currency Exchange Provisions: Required for international reinsurance agreements involving multiple currencies
3. Sanctions Clause: Required when dealing with international reinsurance partners to address compliance with international sanctions
4. Special Acceptance Provisions: Required when specific risks outside standard terms may need special acceptance
5. Profit Commission: Optional section for arrangements including profit-sharing mechanisms
6. Portfolio Transfer Provisions: Required when there's a possibility of portfolio transfer during the agreement term
7. Electronic Data Processing: Required when specific electronic systems are used for claims processing or reporting
1. Schedule A - Risk Details: Detailed description of covered risks, limits, deductibles, and special conditions
2. Schedule B - Premium Calculation: Detailed methodology for premium calculation, including rates and adjustments
3. Schedule C - Claims Processing Procedures: Step-by-step procedures for claims handling and settlement
4. Schedule D - Reporting Templates: Standard formats for periodic reports required under the agreement
5. Schedule E - Financial Security Requirements: Details of any collateral or security requirements
6. Appendix 1 - Service Level Agreement: Specific service standards and response times for various procedures
7. Appendix 2 - Contact Details: List of key contacts and escalation matrices for both parties
8. Appendix 3 - Compliance Requirements: Specific regulatory compliance requirements under Indonesian law
Authors
Insurance
Reinsurance
Marine and Aviation
Property and Casualty
Life and Health Insurance
Energy and Natural Resources
Construction and Engineering
Agriculture
Manufacturing
Transportation
Financial Services
Legal
Compliance
Risk Management
Underwriting
Claims
Finance
Actuarial
Operations
Regulatory Affairs
Portfolio Management
Chief Risk Officer
Reinsurance Manager
Underwriting Director
Claims Manager
Compliance Officer
Legal Counsel
Chief Financial Officer
Actuarial Manager
Insurance Operations Director
Treaty Manager
Risk Analyst
Portfolio Manager
Technical Underwriter
Regulatory Affairs Manager
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