“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
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Slide 6<br />
<strong>“Follow</strong> <strong>the</strong> <strong>Fortunes”</strong> & <strong>“Follow</strong> <strong>the</strong> <strong>Settlements”</strong> in<br />
R/I Contracts<br />
Common Law v. Statutory Law Jurisdictions<br />
� <strong>the</strong> obligation assumed by one party to a contract to follow <strong>the</strong> o<strong>the</strong>r party<br />
in its fortunes or in as much as that settles his obligations in lieu of a third<br />
party are specific contractual obligations common for reinsurance contracts<br />
� even though reinsurance contracts very often involve parties of differing<br />
nationality, no „international“ reinsurance contract law can be referred to<br />
as governing <strong>the</strong>se contracts – as an almost general rule contract law is<br />
<strong>the</strong> law of a state<br />
� in as much as a contract does not specify <strong>the</strong> applicable contract law, <strong>the</strong><br />
(national) rules on <strong>the</strong> conflict of laws define, which law to apply<br />
� Common law jurisdictions (law set by legal precedent) such as <strong>the</strong> Anglo-<br />
American <strong>and</strong> statutory law jurisdictions such as <strong>the</strong> Continental European<br />
both claim leadership in this field of (contract) law
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