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Principles of Reinsurance Contract Law (PRICL) - General Rules

Principles of Reinsurance Contract Law (PRICL) - General Rules. Prof. Dr. Helmut Heiss , LL.M. Attorney at Law, Zurich. PRICL Concept. Main characteristics : Uniform law instrument Optional instrument. PRICL Structure. Chapter 1: General Provisions Chapter 2: Duties

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Principles of Reinsurance Contract Law (PRICL) - General Rules

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  1. PrinciplesofReinsuranceContract Law (PRICL) - General Rules Prof. Dr. Helmut Heiss, LL.M. Attorney at Law, Zurich

  2. PRICL Concept • Main characteristics: • Uniformlawinstrument • Optionalinstrument

  3. PRICL Structure • Chapter 1: General Provisions • Chapter 2: Duties • Chapter 3: Remedies • Chapter 4: Allocation • Chapter 5: Aggregation

  4. PRICL General Provisions • Art. 1.1.1 - Substantive scope of application • Art. 1.1.2 - External gaps • Art. 1.1.3 - Exclusion or modification of the PRICL • Art. 1.1.4 - Usages and practices • Art. 1.1.5 - Mandatory rules • Art. 1.1.6 - Interpretation and internal gaps

  5. Art. 1.1.1 PRICL - Application • “The PRICL apply to contracts of reinsurance where the parties have agreed that their contract shall be governed by them.” • Option 1Choice of law in contracts submitted to arbitration [replacing the otherwise applicable national law – limited only by Art. 1.1.5 PRICL]

  6. Art. 1.1.1 PRICL - Application Art. 28 (1) sentence 1 UNCITRAL Model Law “The arbitral tribunal shall decide the dispute in accordance with such rules of law as are chosen by the parties as applicable to the substance of the dispute.”

  7. Art. 1.1.1 PRICL - Application • Option 2Incorporation into contracts which are submitted to litigation[replacing the default rules of the otherwise applicable national law]

  8. Art. 1.1.2 PRICL – External Gaps • “Issues not settled by the PRICL shall be settled in accordance with the UNIDROIT Principles of International Commercial Contracts 2016 (“PICC”)” • Art. 1.1 PICC (Freedom ofContract) • Art. 1.12 PICC (Computationof time setbytheparties)Art. 2.1.1 ff. PICC (Formation ofcontract)

  9. Art. 1.1.2 PRICL – External Gaps Art. 2.1.1 ff. PICC (Formation ofContract) Art. 4.1 ff PICC (Interpretation ofContracts) Art. 5.1.2 PICC (ImpliedObligations) Art. 10.1 ff. PICC (Limitation Period)

  10. Art. 1.1.3 PRICL – Default Rules • “The parties may exclude the application of or derogate from or vary the effect of any of the provisions of the PRICL.” • Advantage: flexibility • Disadvantage: loss of uniformity

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