The aim of the project is to draft Principles of Reinsurance Contract Law (PRICL) within the scope of a research network to be established, headed and coordinated by the applicants, Prof. Helmut Heiss and Prof. Anton K. Schnyder (both University of Zurich), Prof. Martin Schauer (University of Vienna), Prof. Manfred Wandt (University of Frankfurt am Main). For this purpose, a Principles Drafting Committee (PDC) has been established; it is made up of academics from countries with leading insurance sectors and representing as many legal families in the world as possible. The PDC is advised by an Advisory Group Reinsurers (AGR) and an Advisory Group Direct Insurers (AGI).
In implementing the project, a framework will also be provided for supporting young researchers in this field; in particular through the creation of post-doc and doctoral positions.
The Governing Council of UNIDROIT (The International Institute for the Unification of Private Law) decided to recommend the project for inclusion in the UNIDROIT Work Programme for the triennium 2017-2019 by the General Assembly, and recommended to assign it. The General Assembly endorsed this recommendation of the Governing Council at its 75th session, on 1 December 2016.
The PRICL should bring about more intensive international academic discourse regarding the law of reinsurance, which represents a globally important financial services sector. This will be achieved by providing a uniform frame of reference and uniform legal terminology. By utilising conflict of law provisions, especially private autonomy in arbitration, the PRICL should provide the reinsurance industry with the opportunity to design and conclude their contracts on the basis of a single reinsurance contract law, which is uniform and transparent across the world.