Security devices for unlicensed reinsurers
Article Abstract:
Foreign reinsurers who are not domiciled or licensed in the US must provide collateral before US insurers can treat their reinsurance as assets or deductions from liability. The Model Law on Credit for Reinsurance defines licensed and non-licensed reinsurers and regulations for collateral, both single and multiple creditor devices. Single creditor devices, such as trust funds and standby letters of credit, are more common than multi-creditor devices, such as Lloyd's American Trust Fund and Reinsurance Joint Asset Trust Deed. All collateral devices have deficiencies.
Publication Name: University of Pennsylvania Journal of International Business Law
Subject: Law
ISSN: 0891-9895
Year: 1995
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The impact of subrogation rights upon creditors' management of securities
Article Abstract:
The right of subrogation is the reason that a surety may not compel a creditor to act on a mortgage security unless the creditor's actions have resulted in a compromise of the surety's rights in Australia. Additional obligations can, however, be imposed on the creditor by the surety through the terms of the contract of guarantee. Other legal and equitable remedies available to the surety were discussed by the Queensland Court of Appeal in Omlaw Pty. v. Delahunty and Highton Enterprises v. BFC Finance Ltd.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1997
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The link between Russian organized crime and nuclear-weapons proliferation: fighting crime and ensuring international security
Article Abstract:
The international community must work together to prevent Russian organized crime from undermining international security by using atomic weapons of the former Soviet empire for economic gain. Russia is too weak to do the task on its own. Other countries must help improve the legal system of countries vulnerable to nuclear smuggling, develop better export control systems and strengthen accountability. International security depends on this effort.
Publication Name: University of Pennsylvania Journal of International Business Law
Subject: Law
ISSN: 0891-9895
Year: 1995
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