Reinsurance

A contract of reinsurance is “one by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance.”[1]

Except as otherwise provided under automatic reinsurance treaties, a reinsurer who obtained reinsurance is required to communicate all the representations of the original insured, as well as all  the knowledge and information he possesses, whether previously or subsequently acquired, which are material to the risk.[2]

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