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Reinsurance Management

Arbitration to take place in Mumbai,
India".The jurisdiction clause in an agreement
would subject jurisdiction to the ceding
insurer's country. In which case when
arbitration fails court proceedings would need
to be initiated in that country much to the
administrative inconvenience of the reinsurer.
This is initially avoided by the process of
arbitration Notwithstanding this clause the
parties have a right to action through a court
of law within the jurisdiction as agreed. This
clause must be read in conformity with the
relevant local regulations.

b) The simplest definition of "Reinsurance" may
perhaps be found in the German Commercial Law,
which states that:
"Reinsurance is the insurance of the risk assumed
by the insurer".
With the continuing advancements in science and
technology, the insurers today are faced with
risks more complex in nature, with substantially

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