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10 DUTY OF FAIR PRESENTATION: DISCLOSURE AND REPRESENTATIONS

Reinsurance Practice and the Law

Chapter 10 DUTY OF FAIR PRESENTATION: DISCLOSURE AND REPRESENTATIONS ROLE OF PLACING INFORMATION IN A REINSURANCE TRANSACTION 10.1 The process of creating a reinsurance contract is known as “placement”. Placing information is a general description for the contents of a range of documents (including “documents” which are capable of electronic storage and transmission) and oral comment given by the broker to a potential reinsurer during the placement. The placing information will make certain representations regarding the nature of the risk, based upon which the reinsurer will decide whether it wishes to accept it. An indication of the terms upon which the risk is being offered will also be given. In a market placement of a reinsurance treaty, it will often be the case that a slip setting out those terms is presented together with additional information by way of statistics relating to such matters as the intended reinsured’s past performance in the particular business. Just as important, however, are less formal comments made in discussions with the potential reinsurer.

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