Article 1.2.1

(Contract of reinsurance)

(1)  “Contract of reinsurance” means a contract under which one party, the reinsurer, in consideration of a premium, promises another party, the reinsured, cover against the risk of exposure to insurance or reinsurance claims.

(2)  Unless otherwise indicated, the term “contract” as used in the PRICL refers to a contract of reinsurance.