International institute for unification of private law andreinsurance contract law

Abstract

Within the International Institute for the Unification
of Private Law (UNIDROIT), the idea of working on
an instrument of reinsurance contract law existed
since the 30’s in the twentieth century. However, the
final realization of this project happened only in 2019
with the publication of the Principles of Reinsurance
Contract Law and in cooperation with the so-called
PRICL Project Group. This harmonization endeavor is
special in many ways, considering that in addition to
the application of a specific bottom-up method of law
creation, there was also an innovative approach in the
use of a successful soft law regulation – the UNIDROIT
Principles for International Commercial Contracts as
lex generalis in relation to the new adopted regulation
for the field of reinsurance. The author analyzes the
relationship between the two mentioned acts in
general, but also regarding the crisis caused by the
COVID-19 virus pandemic. The paper also analyzes the
contribution of the Principles of Reinsurance Contract
Law to legal certainty and the characteristic role that
the International Institute for the Unification of Private
Law plays in the process of legal harmonization, and
more specifically in the process of reinsurance contract
law harmonization

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