By Kyriaki Noussia
ISBN-10: 3642451454
ISBN-13: 9783642451454
ISBN-10: 3642451462
ISBN-13: 9783642451461
Following occasions corresponding to the 2008 credits crunch and fiscal hindrance, many sectors of the financial system suffered; however, reinsurance controlled to keep up its powerful place out there and the worldwide financial area. Arbitration has ordinarily been utilized in reinsurance, due in no small half to its potent, time- and reasonably-priced nature. accordingly, reinsurance contracts usually contain arbitration clauses requiring that any and all disputes bobbing up less than the agreement be resolved by means of arbitration. the present paintings presents an in-depth therapy of reinsurance arbitrations and a number of the concerns they entail within the so much consultant jurisdictions for such arbitrations. It additionally goals to pave the way in which for destiny instructions of arbitration within the context of reinsurance. Any player within the reinsurance industry enviornment trying to find a roadmap to the attention-grabbing criminal atmosphere during which reinsurance arbitrations function will be good steered to have this e-book on hand.
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Extra info for Reinsurance Arbitrations
Sample text
83 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958). 84 Ninth, another advantage of arbitration is the neutrality it provides coupled with the element of privacy and confidentiality already mentioned above. In international disputes, parties may prefer arbitration to litigation, because it may provide a neutral forum in which to resolve disputes, outside the home country of either party. Moreover, arbitration is in general more private and confidential than litigation.
329. 32 Cohen et al. (1994), pp. 602–603; Compagnie de Reassurance d’lle de France v New England Reins. Supp. 370, 383 (D. Mass. 1993); McDonald (2001), p. 329. 3 Reinsurance Relationship 15 the relationship between the parties has changed fundamentally. No longer is it the norm for parties to work out their differences in the boardroom, but more the exception. Indeed, the reinsurance industry has seen an increase in formal reinsurance disputes, whether in the form of arbitration or litigation.
Is our legal system still up to date? Should litigation be replaced by alternative dispute resolution? Should we expect a mediation boom? ’ Although ADR offers certain benefits, it cannot be regarded as a substitute for court proceedings and traditional litigation. 109 The reinsurance industry has undergone material changes, including deterioration of the industry’s preference to abide by the customs and practices of the industry and to arbitrate disputes. Given this trend, what can a party wishing to protect its agreement to arbitrate do to guarantee that if and when arbitration is needed, the arbitration agreement can be enforced?
Reinsurance Arbitrations by Kyriaki Noussia
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