Articles

A Reinsurer’s Debt

Authors: Timothy Price

In New Cap Reinsurance Corporation Limited (in liq) v AE Grant & Ors, the NSW Supreme Court considers the question of when a ‘debt’ arises under a contract of reinsurance. The judgment arguably represents a departure from established authority.

Significant cases, legislation or articles referred to

• New Cap Reinsurance Corporation Limited (in liq) v AE Grant & Ors [2008] NSWSC 1015
• Odyssey Re (Bermuda) v Reinsurance Australia [2001] NSWSC 266
• Edmunds v Lloyd Italico e L’Ancora Cia di Assicurazioni e Riassicurazioni SpA [1986] 2 All ER 249
• Hill v Mercantile & General Reinsurance Company Plc Plc [1996] 1 WLR 1239)
• Penrith City Council v GIO [1991] 24 NSWLR 566
• Section 459G of the Corporations Law
• Section 459G of the Corporations Act 2001
• Section 95A of the Corporations Act 2001 (Cth)
• Box Valley Pty Ltd v Kidd [2006] NSWCA 26; (2006) 24 ACLC 471
• Prudential Standard GPS 114 Capital Adequacy: Investment Risk Charge
• Prudential Standard GPS 230 Reinsurance Management

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