Chapter 1: GENERAL PROVISIONS
Article 1.1.1
(Scope of application)
The PRICL apply to contracts of reinsurance where the parties have agreed that their contract shall be governed by them.
Article 1.1.2
(External gaps)
Issues not settled by the PRICL shall be settled in accordance with the UNIDROIT Principles of International Commercial Contracts 2016 (“PICC”).
Article 1.1.3
(Exclusion or modification of the PRICL)
The parties may exclude the application of or derogate from or vary the effect of any of the provisions of the PRICL.
Article 1.1.4
(Usages and practices)
(1) The Parties shall be bound by any usage to which they have agreed and by any practices which they have established between themselves.
(2) A trade usage which is regularly known to and observed by parties to a reinsurance contract shall be taken into account when interpreting the terms of the contract.
Article 1.1.5
(Overriding mandatory rules)
Application of the PRICL shall not restrict the application of overriding mandatory rules, whether of national, international or supranational origin, where applicable.
Article 1.1.6
(Interpretation and internal gaps)
(1) In the interpretation of the PRICL, regard is to be had to their international character and to their purposes including the need to promote the observance of good faith and fair dealing in the reinsurance sector and uniformity in the application of the PRICL.
(2) Issues within the scope of the PRICL but not expressly settled by them are insofar as possible to be settled in accordance with their underlying principles.
Section 1: Application of the PRICL
Rapporteur: Helmut Heiss
Version: 1.0, Nov. 2019
Section 2: Definitions
Rapporteur: Helmut Heiss
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.