cession

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Cession

The act of relinquishing one's right.

A surrender, relinquishment, or assignment of territory by one state or government to another.

The territory of a foreign government gained by the transfer of sovereignty.

cession

noun abalienation, allowance, assignment, award, bestowal, concession, conveyance, delivery, disposition, donation, gift, giving up, giving up claim to, grant, handing over, nonretention, parting with, release, relinquishing claim to, relinquishment, submittal, surrender, transfer, waiver, yielding
See also: abandonment, alienation, assignment, consignment, conveyance, demise, desertion, expense, release, relinquishment, renunciation, resignation, sacrifice

CESSION, contracts. Yielding up; release.
     2. France ceded Louisiana to the United States, by the treaty of Paris, of April 30, 1803 Spain made a cession of East and West Florida, by the treaty of February 22, 1819. Cessions have been severally made of a part of their territory, by New York, Virginia, Massachusetts, Connecticut) South Carolina, North Carolina, and Georgia. Vide Gord. Dig. art. 2236 to 2250.

CESSION, civil law. The, act by which a party assigns or transfers property to a other; an assignment.

CESSION, eccl. law. When an ecclesiastic is created bishop, or when a parson takes another benefice, without dispensation, the first benefice becomes void by a legal cession, or surrender. Cowel, h.t.

References in periodicals archive ?
Offsetting factors include the revision of voluntary cession and the capital needs of its holding company.
industry was no longer in a competitive position, with most advocating legal changes dealing with reinsurance cessions to offshore affiliates, which have grown from $4 billion in 1996 to $34 billion in 2007.
The company recorded a favorable underwriting result of its bilateral cessions business in 2006.
Although the company secured its business through a bilateral cessions arrangement and expanded its business in selected overseas markets, a sustainable premium growth driver remains to be seen.
Best expects SCR s pre-tax earnings to be around MAD 400 million (USD 45 million) in 2012 (MAD 581 million USD 68 million in 2011), reflecting a continuing reduction in business written, as the legal cession is progressively being phased out by 2013, and a slight deterioration in technical performance as the company increases its share of non-life business underwritten in the open market in Morocco and abroad, which should increase its earnings volatility.
In addition, the level of commission payable on the new business is expected to be higher than that payable under the legal cession framework; thus, A.
In the property/casualty sector, average reinsurance cessions increased more than 20% per year between 2005 and 2009 in Asia's emerging markets due to sustained growth in primary insurance.
Even Bacon commented that "excusation, cessions, modesty itself well-governed, are but arts of ostentation" (218).
The downgrading of the ICR of Ghana Re reflects its weakened business profile within its core market following the removal of the compulsory legal cessions, which obliged insurers in Ghana to cede 20% of their business written to Ghana Re.
Yvette Essen, report author and Director of Industry Research, Europe & Emerging Markets, added: The legal cessions in both the local and regional markets and the greater economies of scale enjoyed by the larger reinsurers limit reinsurers competitive positions and constrain their ability to increase market share.
Counterparty risk arising from the reinsurance cessions is kept low with the use of highly rated reinsurers, most notably Munich Re, which is also a shareholder of the company.
Previously, premiums have been declining since the repeal of the compulsory legal cessions in 2008, despite the company s efforts to retain business by introducing special quota share arrangements that offered high commissions.