Re-insurance


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RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance.
     2. It differs from a double insurance (q.v.) in this, that in the latter cases, the insured makes two insurances on the same risk and the same interest.
     3. The insurer on a re-insurance is answerable only to the party whom he has insured, and not to the original insured, who can have no remedy against him in case of loss, even though the original insurer become insolvent, because there is no privity of contract between them and the original insured. 3 Kent, Com. 227; Park. on Ins. c. 15, p. 276; Marsh. Ins. B. 1, c. 4, s. 4

References in periodicals archive ?
The eight diverted services are renewal of registration of an individually-owned vehicle that needs testing, printing of a detailed list of registered vehicles, return from tour certificate, first owner registration certificate, vehicle ownership certificate, re-insurance certificate, ownership certificate in replacement of lost/damaged one, and clearance certificate.
Grimes also provided false and misleading information to the DFSA in April 2014 by stating that the firm had not intermediated any direct insurance (as opposed to re-insurance) in the UAE when that in fact was not true.
India's insurance officials announced that European Protection and Indemnity Company (P&I) is offering a re-insurance worth 580 million dollars for Iran's oil consignments.
After the Insurance Regulatory and Development Authority of India, (IRDAI) cancelled the license of Wills India - the third largest re-insurance brokers in the world - for financial irregularities; it still continues to do huge business in India - backdoor through Almondz Brokers, India.
The insurance industry's earned premiums of property and liability insurance amounting to Dh23.9 billion while incurred losses of property and liability insurance before deduction of the re-insurance share were Dh18 billion.
These working groups include a task force for the technical note on stress testing for institutions offering Islamic financial services; guiding principles for the Retakaful (Islamic re-insurance) working group and disclosure requirements for the Islamic Capital Markets working group.
Muscat, April 20 (ONA) The Central Bank of Oman (CBO) will host during the period from April 21st - 23rd in Muscat the regular meetings of the three works teams from the Malaysia-based Islamic Financial Services Board (IFSB) namely the action team in charge of preparing the technical paper about the pressure test for the organisations that provide Islamic financial services, the action team on the guidelines for the disclosure requirements for the products of the Islamic capital markets, the action team on the guidelines for takaful re-insurance.
Foreign re-insurance companies will also be allowed to directly engage in the re-insurance business in India."According to Sandeep Patel, MD and CEO, Cigna TTK Health, as health insurance is clubbed with general insurance, it does not allow them (health insurers) to have long-term products.
The Sector also ratified the HQs agreement between Sudan and the African Institution for Re-insurance in addition to another agreement between Sudan and the Jeddah-based Islamic Development Bank to finance the power line in East Darfur State .
With the promotion of its first product--insurance against earthquakes, Europa Re, the insurance company specializing in re-insurance against natural disasters, started operations on Thursday.
Head of the Egyptian Insurance Federation Abd El-Raouf Kotb said, "Establishing new Egyptian re-insurance companies is an issue of national security." He revealed that foreign re-insurance companies receive 70% of the insurance installments paid in Egypt.
Al-Ayam daily newspaper reported that the two-days' seminar will be organized under the patronage of the Central Bank of Bahrain (CBB) in the period 21-22 October 2013 at the Ritz Carlton in the Kingdom of Bahrain with participation of more than 300 insurance business leaders and operators of insurance and re-insurance firms from the GCC and Arab countries that are members of the General Arab Insurance Federation "GAIF" and from North Africa.