Principles of Reinsurance Contract Law (PRICL)

Stand: November 2019

 

The Principles of Reinsurance Contract Law (PRICL) are the product of a research network, which has been established, headed and coordinated by Prof. Helmut Heiss, Prof. Anton K. Schnyder (both University of Zurich), Prof. Martin Schauer (University of Vienna) and Prof. Manfred Wandt (University of Frankfurt am Main) since 2015. It consists of a Principles Drafting Committee (PDC), which is made up of academics from countries with leading insurance sectors and represents as many legal families in the world as possible. The PDC is advised by an Advisory Group Reinsurers (AGR) and an Advisory Group Direct Insurers (AGI). The project is also a supportive framework for young researchers in the field of reinsurance contract law. For further general information see the PRICL Website.

In Frankfurt, both Prof. Dr. Manfred Wandt and Prof. Dr. Jens Gal (Secretary General) contribute to the project as members of the PDC. Research assistant Dr. Kevin Bork contributes to the project as a member of staff (Diese E-Mail-Adresse ist vor Spambots geschützt! Zur Anzeige muss JavaScript eingeschaltet sein!). With regard to the Goethe-University Frankfurt, the project is funded by the DFG (Deutsche ForschungsgemeinschaftGerman Research Foundation). For further information regarding the DFG specifics of the project see here.

The Governing Council of UNIDROIT (The International Institute for the Unification of Private Law) decided to recommend the project for inclusion in the UNIDROIT Work Programme for the triennium 20172019 by the General Assembly, and recommended to assign it. The General Assembly endorsed this recommendation of the Governing Council at its 75th session, on 1 December 2016. For further information regarding the assignment by UNIDROIT see here.

The aim of the PRICL: The PRICL should bring about more intensive international academic discourse regarding the law of reinsurance, which represents a globally important financial services sector. This will be achieved by providing a uniform frame of reference and uniform legal terminology. By utilising conflict of law provisions, especially private autonomy in arbitration, the PRICL should provide the reinsurance industry with the opportunity to design and conclude their contracts on the basis of a single reinsurance contract law, which is uniform and transparent across the world. In providing a uniform frame of reference and uniform legal terminology the PRICL aim to encourage international academic discourse regarding the law of reinsurance.


 

In a first version, the PRICL have been published on 28 November 2019 and are since publicly avaiableHeiss, Helmut/Schauer, Martin/Wandt, Manfred (Hrsg.), The Principles of Reinsurance Contract Law 2019. Prof. Dr. Manfred Wandt and Dr. Kevin Bork account for the third chapter of the PRICL (Remedies, p. 64). So far, the PRICL have been the occasion for multiple scientific papers and events, of which the following list is an extract:

Scientific Papers:

  • Barroso de Mello, Principles and Rules of Law Applicable to the International Reinsurance Contract – PRICL, Resseguro Online, n.49, April 2016, pp. 3 ff.
  • Barroso de Mello, Principles and Derogations Applicable to International Legal Reinsurance Contract Principles and Rules Applicable to International Reinsurance Contracts, Insurance Market, AÑO XXXIX, No. 430, September 2016.
  • Barroso de Mello, Principles and Rules of Law Applicable to the International Reinsurance Contract – PRICL, AIDA Insurance Law Journal Brazil, March 2017.
  • Barroso de Mello, Principles and Rules of Law Applicable to the International Reinsurance Contract – PRICL, Opinion.Seg Magazine, Roncarati, No. 16, May 2019, pp. 51 ff.
  • Bork/Wandt, Mehr Rechtssicherheit in der Rückversicherung – Ein Einblick in die Principles of Reinsurance Contract Law (PRICL), VW 2020 (Issue 2), pp. 78 ff.
  • Bork/Wandt, Der moderne Guidon de la Mer: die Principles of Reinsurance Contract Law (PRICL), VersR, vol. 18, 2019, pp. 1113 ff.
  • Bork/Wandt, The modern Guidon de la Mer: the Principles of Reinsurance Contract Law (PRICL), VersR, vol. 23, 2019, pp. 1468 ff.
  • Bork, Tension of Reinsurance: die Folgepflicht des Rückversicherers im Licht des Regulierungsermessens des Erstversicherers, Dissertation, XXIII + 406 p., publication series "Rechtsvergleichung und Rechtsvereinheitlichung", Mohr Siebeck, Tubingen 2020.
  • Cerini, PRICL: The Duties of the Parties, Uniform Law Review, vol. 1 2020 (in print).
  • Heiss/William, The Principles of Reinsurance Contract Law (PRICL), O dobre prawo dla ubezpieczeń: księga jubileuszowa Profesora Eugeniusza Kowalewskiego, Torun 2019, pp. 49 ff.
  • Heiss, From Contract Certainty to Legal Certainty for Reinsurance Transactions: the Principles of Reinsurance Contract Law (PRICL), Scandinavian Studies of Law, vol. 64, 2018, pp. 91 ff.
  • Heiss, Introduction to the Principles of Reinsurance Contract Law (PRICL) and Their General Rules, Uniform Law Review, vol. 1, 2020 (in print).
  • Kuitunen, Principles of Reinsurance Contract Law Project – Enhancing the Value of Reinsurance Cover – Viewpoint of an Industry Practitioner, Uniform Law Review, vol. 1, 2020 (in print).
  • Wandt/Gal, Solvency II’s Unexpected Indirect Regulation of the Reinsurance Contract – The Creation of Principles of Reinsurance Contract Law (PRICL) as a Means to Safeguard a Centuries Old Tradition of Self-Regulation, ICIR Annual Report, 2017, pp. 60 ff.
  • Wandt, Insurance and Reinsurance Law: Vietnamese Law and Transnational Principles, Jurisprudence Journal Vietnam 2018, pp. 28 ff.
  • William, The Law of Aggregation in Reinsurance: a Source of Inefficiency in the Market, Dissertation (in print).
  • Witthoff, PRICL: a Reinsurer ́s View, Uniform Law Review, vol. 1, 2020 (in print).

 

Scientific Events:

  • Angell/Heiss/Kuitunen/Lang/Witthoff, Panel discussion on the topic: Introducing Principles of Reinsurance Contract Law (PRICL), 7th AIDA Europe Conference, 12 April 2018, Warsaw.
  • Cerini, PRICL: the Duties of the Parties, 98th session of the UNIDROIT Governing Council, 10 May 2019, Rome.
  • Heiss, Vortrag: PEICLs et PRICLs: Soft Law?, AIDA – Conseil de Presidence, Groupes de Travail et Colloque, 3 December 2015, Paris.
  • Heiss, PRICL – Principles of Reinsurance Contract Law, FGV Direito Rio, 31 October 2017, Rio de Janeiro.
  • Heiss, Introducing Principles of Reinsurance Contract Law (PRICL), 7th AIDA Europe Conference, 12 April 2018, Warsaw.
  • Heiss, Introduction to the Principles of Reinsurance Contract Law (PRICL) and their general rules, 98th session of the UNIDROIT Governing Council, 10. Mai 2019, Rome.
  • Heiss, PRICL – A new Contract Framework – Generalities, 8th AIDA Europe Conference, 3 October 2019, Lisbon.
  • Heiss, Principles of Reinsurance Contract Law (PRICL) – Idee und Grundlagen, DVfVW Annual Conference, 28 March 2019, Berlin.
  • Heiss, Principles of Reinsurance Contract Law, 8° Encontro de Resseguro do Rio de Janeiro, 8 April 2019, Rio de Janeiro.
  • Kuitunen, Principles of Reinsurance Contract Law Project – Enhancing the Value of Reinsurance Cover – Viewpoint of an Industry Practitioner, 98th session of the UNIDROIT Governing Council, 10 May 2019, Rome.
  • Wandt, Principles of Reinsurance Contract Law (PRICL) – Regelungsinhalt, DVfVW Annual Conference, 28 March 2019, Berlin.
  • Wandt, Zur Bedeutung der Rückversicherung und des Rückversicherungsrechts, November 2019, Vietnam.
  • Wandt, Reinsurance Principles in a Changing Legal Environment: PRICL – Remedies, 8th AIDA Europe Conference, 3 October 2019, Lisbon.
  • William, PRICL – a New Contract Framework – Aggregation, 8th AIDA Europe Conference, 3 October 2019, Lisbon.
  • Witthoff, PRICL: a Reinsurer ́s View, 98th session of the UNIDROIT Governing Council, 10 May 2019, Rome.

 

 

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