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Managing Risk in ReinsuranceFrom City Fires to Global Warming$
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Niels Viggo Haueter and Geoffrey Jones

Print publication date: 2016

Print ISBN-13: 9780198754916

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780198754916.001.0001

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Reinsurance Law as an Autonomous Regulatory Regime?

Reinsurance Law as an Autonomous Regulatory Regime?

Resistance to Codification and Avoidance of State Jurisdiction in the Twentieth Century

Chapter:
(p.206) Chapter 8 Reinsurance Law as an Autonomous Regulatory Regime?
Source:
Managing Risk in Reinsurance
Author(s):

Miloš Vec

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198754916.003.0008

In this chapter, Miloš Vec looks at the regulatory environment of reinsurance. He describes the law of the global reinsurance industry as a unique, normative order, formed, above all, by the relationships between reinsurers and the reinsured. Characteristic of this normative order in the twentieth century was the interest of parties engaged in international activities in, first, keeping contracts as free as possible from legal requirements and, second, keeping disputes resulting from breaches of contract out of the courts. The trends towards increasing importance of legal frameworks and practices (juridification), state intervention, and bureaucratization that are often observed in other areas of law have not had the same kind of impact in the reinsurance industry. However, the author argues that the strategy of resisting regulation has not been entirely successful, and reinsurers are now increasingly subject to juridification.

Keywords:   regulation, normative order, state intervention, juridification, reinsurance industry, bureaucratization

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