Key Benefits:
Translation 1
(State on 23 September 2003)
The CESCE declares its willingness to reinsure the percentage of credit guarantees granted by GRE to Swiss exporters or third parties (in particular banks), to the extent that these guarantees cover risks arising from the supply of Spanish export products.
2. GRE declares its willingness to reinsure the percentage of credit guarantees granted by CESCE to Spanish exporters (and the banks financing them), to the extent that these guarantees cover risks arising from the supply of Swiss export products.
3. The final decision to reinsure is taken on a case-by-case basis by CESCE or GRE.
1. The cases that may be subject to agreements under this Reinsurance Agreement are those in which the credit insurer in the country of an exporter is prepared to grant a credit insurance policy, and
2. The Convention of 10 November 1977 remains applicable to the extent that its conditions of application are met.
(3) The reinsurance agreement shall not apply if the insurer grants, for an export contract, a cover to the principal agent and that it fixes with its subcontractor (s) of the reinsurer's country, terms and conditions "if-and-when" Risk to insure. The reinsurance agreement shall, however, apply if the exports are paid by means of a credit granted to the purchaser by a financial institution.
In the context of this Agreement, the following concepts shall be construed as follows:
| Working day |
One day the offices of the two credit insurers are open |
| Exports |
The goods to be delivered and the services to be provided under the export contract |
| Primary Agent |
The exporter who is a party to the foreign buyer's contract |
| Credit-credit |
ERG and CESCE or either |
| Police |
An insurance policy issued by the insurer |
| Share of Reinsurance |
The value of exports covered by the reinsurer, expressed as a percentage |
| Reinsurer |
That of credit insurers that reassures the other in respect of a given transaction |
| Insurer |
The credit insurance that establishes the police |
Credit insurers assume that exports from the reinsurer's country are from the reinsurer's country. If, in a particular case, the insurer has reason to doubt, it shall immediately inform the other credit insurer; the credit insurers shall work together to discover the origin of the exports and inform each other of the results of their Research.
The types of policies and guarantees issued by ERG and by the CESCE to which this Agreement applies shall be indicated in Appendices 1 and 2. Each credit insurer shall notify the other, in writing, of the changes made to one of its types of credit insurance. Policies or guarantees.
As a general rule, the credit insurer of the country from which the largest share of the exports to be guaranteed, calculated in terms of value, will be the principal insurer. Depending on the circumstances, the parties may agree to depart from this rule for a particular case. In particular, credit insurers may choose to choose as the principal insurer that of the country in which the principal agent is established, even if the share of exports originating in that country is not the largest.
1. The share of reinsurance shall be calculated on the basis of the proportion of the shares of Swiss and Spanish origin of the exports to be reinsured, on the basis of the information provided by the person who filed the insurance application. The ratio between the share of Swiss exports and the share of Spanish exports is the determining factor; the share of reinsurance is calculated as shown in Annex A.
2. In principle, the share of reinsurance is also calculated according to para. 1 if the transaction to be covered includes exports originating in one or more third countries, on the understanding that the country of the foreign buyer is considered to be a third country (cf. Annex A, exp. 2). Credit insurers may, however, agree on another method of calculation to determine the share of reinsurance. In particular, they can be calculated by determining the share of third-country shipments attributable to the export shares of their country, in particular if the share of exports from third countries is attributable exclusively to the Swiss or Spanish part (cf. Annex A, exp. 3).
1. If the reinsurer has committed to reinsure, it shall pay to the insurer the amount of reinsurance agreed upon when the insurer is obliged to pay compensation under the policy.
2. Unless otherwise agreed, the reinsurer shall assume the share of reinsurance which is the responsibility of the insurer at the insurance coverage rate set by the insurer in its policy. However, the reinsurer is never obliged to consent to reinsurance going beyond its maximum coverage rate.
3. The reinsurer agrees to pay the insurer an amount equal to the calculated share of the compensation paid or payable by the insurer under the policy in question. Payment must be made within 30 working days of the date on which the reinsurer has been informed by the insurer that compensation has been paid.
4. In case of damage before delivery, the reinsurer must also pay compensation in proportion to the share of reinsurance, if this risk is covered by the police. In such a case, the amount of the payment shall not be calculated on the basis of the cost of the shares of the exports in question, but according to the share of the reinsurance relating to the total damage calculated on the basis of the cost of return.
5. The reinsurer undertakes not to oppose the payment of compensation if it is required by the terms of the policy, to the extent that the information contained in Appendices 1 and 2 and the information that the insurer has given to the reinsurer in connection with the The procedure described in Art. 13 correspond to the provisions of the police.
6. The reinsurer undertakes to inform the insurer of any problems raised to his knowledge which may have an effect on the performance of the contract of delivery or the related credit agreements.
1. The Insurer undertakes to inform the Reinsurer of any change in the police, the extent and type of the case financed by an export credit or the relevant contractual rules, insofar as it may have effects on the The risk covered by the police.
2. The Insurer undertakes to consult the reinsurer before making a binding decision on the measures to be taken or the instructions to be given to the policyholder in the event of an event likely to aggravate the risk covered or If the disaster is imminent.
3. If, after payment of an allowance, the insurer receives a refund or retains a portion of the payment, the insurer must, within 30 working days, transfer the amount corresponding to the share of the reinsurance to the reinsurer.
4. The insurer must inform the reinsurer without delay if it learns that a debtor has not made a payment due in depreciation of a claim covered by the police.
5. Where the reinsurer so requests, the insurer must make available to the insurer copies of all documents relating to a case that are in its possession.
6. The insurer must inform the reinsurer as soon as the liabilities arising from the policy are terminated.
1. Reinsurer is entitled to a reinsurance premium
The insurer retains 10 % of the amounts quoted in the letter. (a) and (b) in remuneration of its management costs.
2. The reinsurance premium shall be payable within 30 working days from the one in which the insurer has cashed the premium.
3. If the policyholder obtains a refund of the premium from the insurer, the reinsurer is in principle required to give back to the insurer, at his request, the share of the premium reimbursed corresponding to the share of the premium paid to him-deduct The amount withheld for administrative expenses. The reinsurer is only required to pay its share of the premium refund if the reason for the refund is also valid for the reinsured part.
1. If the origin of the products of export, once the reinsurance is definitively confirmed, changes in its composition in terms of value, or if the ratio between the shares of the goods of export of the principal and those of the Subcontractors shall be amended in value, the insurer shall inform the reinsurer, each of which may then require the adaptation of the share of reinsurance.
2. If this adaptation is made, are adapted accordingly to the amounts which the insurer and the reinsurer must sum in the form of premiums, rights and interests in the benefits of compensation, legal prosecution or Cost of harm reduction or prevention.
1. The Insurer will consult with the reinsurer before taking legal action or claiming rights of appeal, the costs of which would exceed a total of 10 % of the outstanding amount.
The reinsurer is required to participate, in proportion to its share of reinsurance, in the expenses incurred by the insurer in order to obtain a refund or to enter into a judicial procedure, to the extent that the insurer is obliged, under the terms of the The police have established, assume or reimburse costs to the policyholder. Payment will be made within 30 working days from the date of the communication of the fees.
2. If the Insurer wishes to dispose of, remit or cancel claims which belong to him economically or legally after payment of an indemnity, he shall obtain the agreement of the reinsurer for that purpose.
The procedural rules for individual cases of reinsurance are set out in Appendix 3.
1. If a debt rescheduling request is made by the client country, the debtor country, respectively, the parties to the agreement discuss how to resolve the resulting problems. The final decision will nevertheless be taken by the insurer.
2. If the secured debt is the subject of a debt rescheduling agreement, the insurer consults with the reinsurer if it intends to dispose of or remit that debt. The insurer may, at the request of the reinsurer, transfer to the reinsurer the reinsured portion of the debt.
3. The Insurer has the right to compensate for the maturity provided for in the contract, without observing a period of payment, which is generally provided for in the payment of compensation.
Unless otherwise agreed, all payments relating to the different reinsurance cases shall be made in the currency used by the Insurer for the conduct of his or her business.
1. The parties to the Agreement shall endeavour to amicably resolve the disputes which may arise from this Agreement.
2. Disputes that cannot be resolved amicably will be settled by a three-person arbitral tribunal. Each party to the agreement shall appoint a arbitral judge, and the two appointed judges shall, in turn, appoint the presiding judge.
The arbitral tribunal shall sit in the country of the insurer: in Madrid, if it is the CESCE, in Zurich, if it is ERG. The procedure will be conducted in English. The arbitral tribunal shall also determine the procedure in accordance with the principles of the rule of law.
(1) The two Contracting Parties shall sign this Agreement, which shall enter into force on the day on which GRE will communicate to the CESCE that the constitutional requirements in Switzerland for the conclusion and implementation of the said Agreement are fulfilled (ratification).
2. Each of the two parties to the Agreement shall have the right to terminate this Agreement by the end of each month. Termination shall be in writing, with three months' notice. Termination shall have no effect on obligations arising prior to the expiration of the Agreement.
(3) Contracting Parties may amend this Agreement at any time. Appendix 3 and all annexes may be amended at any time, with the concurrence of ERG and CESCE.
This Agreement shall be drawn up in two originals in the English language, one for each party.
| Ease |
Coverage (max.) |
Covered Risks |
Insurance taker |
Payment Period |
Remarks |
|
| Economic Risk |
Political Risk |
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| Vendor Credit - |
94 % |
99 % |
Manufacturing risk: Covers the net loss of the exporter when it results from termination of the contract due to political risks (war or unrest, measures of the government of the buyer or borrower country or of the Spanish Government, non-performance of the contract by A public purchaser) or economic risks (termination of the contract due to breach of contract by private purchasers). |
Exporter |
Manufacturing risk: 6 months |
Manufacturing risk: Coverage in euros only. Coverage is granted for a guaranteed amount, determined on a case-by-case basis in each policy. |
| Credit risk: Differentiation between political risk (risk of transfer, war, inability to fulfil contractual obligations due to measures taken by a foreign government or by the Spanish Government, remains of the public purchaser) and the Economic risk (insolvency of the foreign buyer, declared by a court or not, long-term delay) |
Credit risk: Econical risks: Determined on a case-by-case basis in each policy Political Risk: 100 Days |
Credit risk: Foreign currency coverage. Coverage extends to the amount of credit and interest, in accordance with the credit agreement. |
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| Buyer Credit |
94 % |
99 % |
Credit risk: Covers the non-repayment of credits that a bank has granted to a purchaser. Political risk (risk of transfer, war, inability to fulfil contractual obligations due to measures taken by a foreign government or by the Spanish Government, late payment of the public purchaser) or economic risk (insolvency of the foreign buyer, declared by a court or not, long-term delay) |
Bank |
100 Days |
Foreign currency coverage. The coverage extends to the amount of the credit and interest, in accordance with the credit agreement, as well as to the interest. |
| Aggressive Solicitation of Bonds for Exporters |
99 % |
99 % |
The police cover the abusive solicitation of bonds. The police cover political and economic risks. |
Exporter |
150 days in case of political risk, unless a public beneficiary improperly solicits security 30 days for other risks |
Foreign currency coverage. |
| Solicitation of surety bonds for guarantors |
99 % |
The policy covers the abusive solicitation of bonds and the non-repayment of the amount of the guarantee by the exporter, where the exporter has been legitimately requested. |
Banks |
30 days |
Foreign Currency Coverage |
|
| Construction Projects |
94 % |
99 % |
The police cover political and economic risks. It covers the impossibility of carrying out the project, the construction interruptions and the non-payment of approved sites. It also covers the confiscation of machinery and facilities, the improper solicitation or withholding of guarantees and the impossibility of the transfer of guarantees, to the extent that the insured has fulfilled his contractual obligations. |
Construction or assembly company |
6 months |
|
| Investment Insurance |
99 % |
The policy covers losses of investors due to:
|
Investor |
Up to 12 months |
The maximum duration of insurance is 20 years, the minimum duration of 5 years. The coverage of own capital is still in the country's currency. Coverage of all other investments may be in foreign currency. |
|
| I |
|
| Ease: |
Debt coverage |
| Type: |
Warranty |
| Beneficiary of guarantee: |
The exporter or a third party (including a bank) |
| Conditions of Assurance: |
Federal Act and the Export Risk Guarantee Order |
| Residual Exporter Risk: |
At least 5 % |
| Coverage rate: |
Up to 95 % |
| Calculation Basis: |
Export Price by Export Contract |
| Risks covered: |
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| -submitted by public debtors; |
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| -submitted by private debtors |
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| -owned by a community or an institution of public law, or |
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| -whose claim benefits from a public bond or is guaranteed by a bank approved by GRE, or |
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| -performing public duties, the economic risk being limited to the obligations of public or private customers who, on their side, carry out public tasks; |
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| II |
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| Ease: |
Manufacturing risk cover (pre-shipment risk) |
| Type: |
Warranty |
| Beneficiary of guarantee: |
The exporter and, in principle, also a third party (including a bank) |
| Conditions of Assurance: |
Federal Act and the Export Risk Guarantee Order |
| Residual Exporter Risk: |
At least 5 % |
| Coverage rate: |
Up to 95 % |
| Calculation Basis: |
Cost of return |
| Risks covered: |
Imputed or actual possibility of delivery due to a post-order increase in political, economic or transfer risks which may be covered by c. I, or lack of means of transport abroad. |
| III |
|
| Ease: |
Coverage of bid and delivery guarantees (only in addition to a warranty as per c. I and/or II) |
| Type: |
Warranty |
| Beneficiary of guarantee: |
The exporter or a third party (including a bank) |
| Conditions of Assurance: |
Federal Act and the Export Risk Guarantee Order |
| Residual Exporter Risk: |
At least 5 % |
| Coverage rate: |
Up to 95 % |
| Calculation Basis: |
Amount of bid guarantee or delivery guarantee |
| Risks covered: |
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This appendix regulates procedural matters within the meaning of s. 13 of the agreement governing reciprocal reinsurance obligations between CESCE and GRE.
The reinsurer must send an account, invoice or reference number to the insurer at the latest when it has received the policy (Annex D), so that the insurer can transfer the reinsurance premium as provided for in s. 10, para. 1 and 2.
If, in a disaster, the insurer claims a right to the reinsurer, the insurer must provide the insurer with the following information:
In the case of a refund, the insurer must give the reinsurer the following information:
Example 1
Contract price refers to 120 units
Delivery-Country A: 70 units
Delivery-Country B: 50 units
| Coverage by Insurer (A): |
99 % |
| Coverage by Reinsurer (B): |
95 % |
Calculation of the share of reinsurance
| 50 ' 95 |
= |
4750 ' 100 |
= |
39.98 % |
| 120 ' 99 |
11,880 |
The share of reinsurance refers to the total value of 120 units.
The reinsured amount would therefore correspond to 47.9 units.
Example 2
Contract price refers to 120 units
Delivery-Country A: 60 units
Delivery-Country B: 40 units
Delivery-Country C: 20 units
| Coverage by Insurer (A): |
99 % |
| Coverage by Reinsurer (B): |
95 % |
Calculation of the share of reinsurance
| 40 ' 95 |
= |
3800 ' 100 |
= |
38.38 % |
| 100 ' 99 |
9900 |
The share of reinsurance refers to the total value of 120 units.
The reinsured amount would therefore correspond to 46.1 units.
Example 3
Contract price refers to 120 units
Delivery-Country A: 60 units
Delivery-Country B: 40 units
Delivery-Country C: 20 units
| Coverage by Insurer (A): |
99 % |
| Coverage by Reinsurer (B): |
95 % |
Calculation of the share of reinsurance
| 40 ' 95 |
= |
3800 ' 100 |
= |
31.99 % |
| 120 ' 99 |
11,800 |
| 60 ' 95 |
= |
5700 ' 100 |
= |
47.98 % |
| 120 ' 99 |
11,800 |
The share of reinsurance refers to the total value of 120 units.
Note:
If the insurer and the reinsurer offer different coverage rates depending on the risk, the average coverage rate is applied, for example:
| Political Risks: |
95 % |
| Economic risks before delivery: |
85 % |
| Economic Credit Risks: |
90 % |
| Average Rate: |
90 % |
From:
TO:
We refer to the agreement we have concluded with you
Our No. of Ref.:
Your ref #:
We ask your company to reinsure the following business subject to the following conditions:
Exporter from our country:
Exporter from your country:
Their contractual relationship:
Project:
Contract: Signed/Under negotiation
Buyer/Country:
Borrower/country:
Guarantor/Guarantees:
Contract Value:
Interest:
Composition of deliveries (indication of the value of the goods/services according to the share of the country concerned/third country deliveries):
Duration of Risk
Repayment Terms:
Possibly, specific remarks concerning the case:
Type of coverage (s) to be made available:
Amount of loan:
Loan Amount Detail:
Interest:
Lender:
Total Amount Covered:
Specific conditions:
Conditions of appeal:
Amount of premium payable:
(calculation overview)
The insurer's commitment to the applicant is likely to end on
Remarks:
| Date: |
Signature: |
From:
TO:
We refer to the agreement we have concluded with you
And at your request
Our n O Of ref.:
Your n O Of ref.:
Remarks:
This commitment will end on ................ (date) if you have not issued a police force by then. If you need more time, please send us a duly substantiated request within the relevant deadlines.
| Date: |
Signature: |
| * |
Please delete what is wrong |
From:
TO:
We refer to the agreement that we have concluded with you as of
And your final response from the
Our n O Of ref.:
Your n O Of ref.:
We inform you that a guarantee has been granted on
The amount of the cover is:
The share of reinsurance shall be:
| The premium share is |
C |
= |
|
| A |
The premium must be paid to us:
| Due Date |
Amount |
Premium Share |
Amount payable to reinsurer |
We will make the payment due within 30 working days from the date of receipt.
The cover ends on:
Other remarks:
| Date: |
Signature: |
