PRICL Mock Arbitration

NEWS: Written Award now available from the AIDA Europe staged PRICL Mock Arbitration, as well as the Recording of the WEBINAR.

This is the dedicated page for all documentation, including access to the recordings from the AIDA Europe staged PRICL Mock Arbitration, which took place on 17 September 2020 in a virtual event. The registration for the Webinar extended to more than 270 interested colleagues.

The recording and the document is an excellent means to familiarize with the Principles of Reinsurance Contract Law (PRICL) which comprises a highly relevant initiative within the legal developments of the reinsurance arena.

Click here to view the Recording of the AIDA Europe staged PRICL Mock Arbitration

For documentation please see the below Document Repository.

The PRICL Mock Arbitration, arranged by AIDA Europe, the PRICL Project Group, the AIDA Reinsurance Working Party and the AIDA Dispute Resolution Working Party, examined the application of the Principles of Reinsurance Contract Law (PRICL) in a live environment with arguments presented by the parties in front of a single arbitrator and with a legal opinion for the case, rendered by an Advocate General.

The Case: “Commercial Lines Insurance (CLI) insures businesses in the UK against a variety of risks including property damage and business interruption. …………. CLI was reinsured by NatCat GmbH, a German company, under an excess of loss treaty stated to be governed by the Principles of Reinsurance Contract Law (PRICL). All disputes under the treaty were to be resolved by arbitration conducted by a sole arbitrator, the seat of the arbitration being England under the provisions of the Arbitration Act 1996………….. CLI and NatCat have jointly appointed Associate Professor, Dr Ozlem Gurses, as sole arbitrator. The parties and the Tribunal have scheduled the hearing for 17 September 2020.”

About PRICL: (Principles of Reinsurance Contract Law): The PRICL are the result of a Drafting Group comprising leading international law faculties from key common and civil law jurisdictions, supported by a number of insurance and reinsurance practitioners from leading global companies. They aim at providing a comprehensive legal framework for reinsurance contracts offered to parties in the reinsurance arena. Next to providing specific, reinsured geared, contract clauses they are connected with the UNIDROIT Principles of International Commercial Contracts and are thus intending to offer an overarching framework, aiming at contract certainty.  For further details please see https://www.ius.uzh.ch/de/research/projects/pricl.html

Schedule

17:00
Opening - Purpose of Event; Aim and Status of PRICL; Introduction of Cast & Roles; Structure of Debate; Delegates’ Voting
Helmut Heiss / Christian Felderer (10 minutes)

Claimant’s Position - Commercial Lines Insurance (CLI)
Jeff Stempel  / Lari Kuitunen (12 minutes)

Defendant’s Position - NatCat GmbH
Rob  Merkin / Eberhard Witthoff (15 minutes)

Claimant’s Rebuttal
Jeff Stempel  / Lari Kuitunen (3 minutes)

Advocate General’s Analysis
Oliver William (15 minutes)

Arbitration Award
Özlem Gürses (15 minutes)

18:10
Moderation of Q&A Session & Voting
Chri Vollstedt / Christian Felderer (15 minutes)

18:25
Closing
Christian Felderer / Helmut Heiss / Carlos Estebenet (5 minutes)

18:30
End of Webinar

In case of questions, please contact aidaeuropesecretariat@aidainsurance.org or Christian Felderer, Chairman AIDA Europe at christian.felderer@hotmail.com

9th AIDA Europe Conference, Zurich/Switzerland - We would like to remind you that this postponed event is now taking place on 23/24 September 2021.