The UK Commercial Court has held that a reinsurer is not bound by a contract signed by an agent, supposedly on its behalf, due to the lack of authority to do so, rejecting contentions that the agent had ostensible authority to do so, or that the reinsurer had ratified the contract. ING Re (UK) Limited v. R & V Versicherung AG, [2006] EWHC 1544 (Commercial Court June 29, 2006).
Glossary of reinsurance terms
If you are wondering about the meaning of a particular term or phrase, try the glossary of reinsurance terms, presented by the Internet site captive.com.
Insurance Journal
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Hartford and Equitas reach settlement
Hartford Financial Services Group announced that it had reached an agreement with Equitas, Ltd. to resolve long-pending disputes regarding Hartford's ceded and assumed domestic reinsurance exposures with Equitas. Terms of the agreement were not disclosed.
NAIC proposes scrapping full collateral requirement for reinsurers
The NAIC has begun to consider a proposal to scrap the “full collateral” requirement imposed upon non-US reinsurers. See the article about the recent NAIC meeting