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CHAPTER 2 THE NATURE OF FACULTATIVE REINSURANCE

Reinsuring Clauses

2 THE NATURE OF FACULTATIVE REINSURANCE THE NATURE OF FACULTATIVE REINSURANCE 2.01 In England marine reinsurance was banned on gambling grounds by the MIA 1745 1 and the ban lasted until it was finally abandoned more than 100 years later in 1864. After 1864 reinsurance cases gradually came to be seen in the law reports, and those cases show that clauses similar to those expressed above have been in use since the early development of reinsurance business in England. However, there has always been discussion as to the scope of the clauses in question and, also directly related to this issue, the nature of facultative proportional reinsurance contracts. As seen below there are two views on the nature of reinsurance:

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