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GLOSSARY

Reinsurance definition

Published by a LexisNexis Insurance & Reinsurance expert

What does Reinsurance mean?

An insurance policy covering an insurer’s exposure to a policy or class of policies that it has insured. Proportional reinsurance is written on an agreed percentage of risk, as opposed to non-proportional or excess of loss insurance, which responds once the limit of the underlying layers have been eroded.

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EU Solvency II—timeline

EU Solvency II—timeline This timeline shows key developments relating to the EU’s Solvency II framework (Directive 2009/138/EC). For earlier developments, see: Solvency II—timeline (2007–2023) [Archived]. 2025 Date Source Document Description 6 June 2025 European Commission Third-country insurers: renewal of the Brazil, Japan and Mexico provisional equivalence decision (Solvency II) The European Commission has launched a consultation on a draft delegated decision concerning the provisional equivalence for third-country insurers within groups headquartered in the EU, in accordance with Article 227 of Directive 2009/138/EC (Solvency II Directive). The Commission proposes that such groups may calculate their solvency requirements and eligible own funds using the capital requirements and available capital rules of their non-EU jurisdiction, rather than solely pursuant to Solvency II. Responses are sought by 3 July 2025, with the intention that the feedback will be considered in finalising the draft decision ahead of its planned adoption in Q3 2025.See: LNB News 06/06/2025 56. 7 May 2025 OJ Commission Implementing Regulation (EU) 2025/863 of 8 May 2025 laying down technical information...

Professional indemnity insurance—notification—checklist for insurers [Archived]

Professional indemnity insurance—notification—checklist for insurers [Archived] ARCHIVED: This checklist has been archived and is not maintained. Name of insured Name Name of (potential) claimant Name Policy number Policy number Policy period Policy period Previous policies Previous policies Date of notification Date Is the person/entity submitting the notification on the policy schedule or included in the proposal? Yes/No Does the subject matter of the notification fall within the insured’s professional business? Yes/No Has the notification been made in the policy period? Yes/No Has the notification been made within the required time? Yes/No Is there an extended reporting

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Identifying a contract of insurance—flowchart

Identifying a contract of insurance—flowchart Purpose of the contract of insurance–flowchart The purpose of this flowchart is to assist in identifying whether particular arrangements constitutes a contract of

Flowchart of allocation of recoveries—insurance scenario

Flowchart of allocation of

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Jurisdiction agreements—exclusive jurisdiction agreements

Jurisdiction agreements—exclusive jurisdiction agreements This Practice Note considers exclusive jurisdiction agreements (also known as choice of court agreements). Specific considerations as to the construction, effect and enforcement of this type of jurisdiction agreements are discussed. For guidance on: • non-exclusive jurisdiction clauses, see Practice Note: Jurisdiction agreements—non-exclusive jurisdiction agreements • asymmetric jurisdiction clauses, see Practice Note: Jurisdiction agreements—asymmetric jurisdiction agreements What is an exclusive jurisdiction clause? An exclusive jurisdiction clause or agreement, provides for the courts in a specified jurisdiction to hear disputes between the parties; it creates a contractual right not to be sued elsewhere. A number of exclusive jurisdiction clauses also include forum non conveniens waivers, ie the parties irrevocably waiver any right to bringing proceedings in a jurisdiction other than that stipulated in the jurisdiction clause. Exclusive jurisdiction clauses differ from non-exclusive jurisdiction clauses in that they exclude the rights of the parties to commence proceedings in a different jurisdiction to that provided for in the jurisdiction clause. For example exclusive jurisdiction clauses, see Practice...

Flooding—issues in banking and finance

Flooding—issues in banking and finance Effects of flooding on underlying assets Flooding can give rise to a number of issues in the context of a banking or finance transaction. This Practice Note highlights the issues in relation to the following: • individual risks • planning policy • availability of insurance • borrower default It also explains the steps that a lender can take to mitigate the risks posed. Individual risks Flooding can cause significant damage to businesses, property and people. It can affect an individual’s decision whether to buy or rent a property. It can also have an effect on a property’s value. In ‘Deep Water Horizon’, 2018, the Royal Institution of Chartered Surveyors (RICS) discusses the increased frequency of flooding and how this can be addressed and managed through the surveying profession. The value of a house or commercial property may be adversely affected due to the risk of flooding. This is not only because of the damage that flooding can cause but also as a...

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Company's Transfer Agent Instructions (IPO)

Company's Transfer Agent Instructions (IPO) [[COMPANY LETTERHEAD]] [[TRANSFER AGENT]] [[________________]] [[________________]] Attention:[[________________]] Ladies and Gentlemen: Reference is made to that certain Underwriting Agreement dated [[date]] (the "Underwriting Agreement") by and among [[________________]], a [[STATE OF INCORPORATION]] corporation (the "Company"), [the selling stockholders listed on Schedule [[__]] to the Underwriting Agreement (the "Selling Stockholders"),] and [[_____________]], as representative (the "Representative") of the several underwriters named on Schedule [[__]] to the Underwriting Agreement (the "Underwriters"), pursuant to which the Company [and the Selling Stockholders] [has/have] agreed to sell, and the Underwriters have agreed to purchase, shares of the Company's common stock, par value [[___]] per share (the "Common Stock"). On behalf of the Company, the undersigned hereby authorizes and instructs [[_____________]] (the "Transfer Agent"), as transfer agent and registrar for the Common Stock of the Company, to issue, countersign and register certificates (the "Certificates") for an aggregate of [[_______]] shares of

Report on title—occupational lease report—Scotland

Report on title—occupational lease report—Scotland Executive summary of material issues We draw your attention to the following: • [insert material issue or area of concern]; • [insert material issue or area of concern] 1 Particulars 1.1 Date and parties Lease dated [insert date of lease] and made between [insert details of the original parties to the lease] [(the ‘Lease’). OR as varied by [insert document name] (the ‘Lease’)[. The deed varied the Lease by: [insert details of provisions varied]] ]. 1.2 Back letters [[None disclosed.] OR The Tenant has the benefit of a back letter dated [insert date and details of the terms of the side letter].] [You will be bound by the terms of the back letter. OR The back letter is personal to the Seller and you will not be bound by it following completion (unless you continue to act in accordance with it or agree to provide a new back letter).] [The side letter is personal to the current Tenant. OR The back letter...

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Would a law firm providing advice to a client in relation to an insurance policy (where an insurance broker has been retained by the client) constitute an insurance distribution activity?

Would a law firm providing advice to a client in relation to an insurance policy (where an insurance broker has been retained by the client) constitute an insurance distribution activity? See Practice Note: Insurance distribution activities—law firms. This confirms that the underlying Directive (EU) 2016/97, Insurance Distribution Directive applies to the activity of advising on insurance contracts. Likewise, the Solicitors Regulation Authority’s regulatory regime captures advising in relation to a contract of insurance. The starting point is therefore that advising on an insurance contract constitutes an insurance distribution activity and is subject to the strictures of the insurance

What is Public Liability Insurance?

What is Public Liability Insurance? Nature of public liability insurance Public Liability insurance covers the assured’s liability to the public at large. Typically, it covers sums which the assured: (i) becomes legally liable to pay (ii) to any third party other than an employee (iii) as damages or compensation for (iv) death and personal injury, property damage or interference with certain property rights (v) happening in a specified context. Public Liability insurance is not statutorily compulsory but is plainly a sensible precaution if the assured’s activities are likely to give rise to claims or if its ability to satisfy claims is limited. Accordingly, many companies take out a combined business insurance policy which includes Public Liability, Employers’ Liability and Products Liability insurance. Likewise most domestic household policies routinely include an element of Public Liability insurance. (i) Legal liability The policy only responds to legal liability. Ex gratia payments or sums paid for commercial expediency are not covered. The underlying purpose of the policy (as demonstrated by...

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Trend toward 'mega-insurers' pushing premiums down

Law360, London: Insurers are likely to continue to cut motor insurance premium rates out of fear of losing market share to new 'mega-insurers', according to a report published on 19 June 2025.

Lloyd’s insurers monitoring Iran-Israel impact on shipping

Law360, London: The London insurance market said on 18 June 2025 it will hold firm for now on marine cover for vessels operating in the Middle East, despite the ongoing conflict between Iran and Israel.

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