Traduction de «Réassurance en excédent de sommes » (Français → Anglais) :

Other forms of reinsurance are excess of loss reinsurance where essentially the catastrophe risk is stripped out of the original book and placed with reinsurers for an appropriate risk premium, and therefore, the bulk of the day-to-day risk and the bulk of the day-to-day premium are retained by the insurer, and a small percentage, but often a very large limit of liability, is placed with reinsurers.

A number of market operators were approached and declined to provide reinsurance for the remaining part in spite of its alleged profitability (16 operators decided not to participate). Consequently, ‘after numerous attempts to reach an agreement with the market participants’ (103), SACE BT decided to seek the remaining part of the excess of loss reinsurance from SACE.

As regards the impact on the capital absorption (‘assorbimento di capitale’), Italy explained that per definition all forms of reinsurance produce effects on the level of capital, including reinsurance in the form of excess of loss cover (55).

The Commission observes that, in order to renew its reinsurance contracts for 2009, on 30 January 2009, SACE BT succeeded in raising 25,85 % of the Excess of loss reinsurance from the market for the marketable credit risk of 2009 (102).

(1) That is, war, revolution, natural disasters, nuclear accidents, and so forth, not so-called "commercial, catastrophe risks" (catastrophic accumulations of loss on individual buyers or countries) which may be covered by excess of loss reinsurance and are commercial risks.

However, resolutions relating to investment of available moneys, authorisation of loans and advances, sureties and guarantees of bills of exchange, borrowings by arranging of credit facilities or otherwise, methods of implementing loans auhorised by the general meeting pursuant to Article 39 of these Statutes, orders in excess of 400000 New Francs, acquisitions, exchanges of immoveable property or of rights therein, and the sale of such property and rights as are no longer required, the formation of any company or firm and the contribution of assets or any company or firm already existing shall be valid only if passed by a majority of two-thirds of the votes of member ...[+++]s present in person or by proxy.