Chapter I. General Principles
Section 6. Reinsurance
(Definition of Reinsurance)
The term "reinsurance" means an act of contracting whereby an insurer effects insurance with another insurer to cede risk that it has insured.
(Rights and Obligations between the Insured of the Original Insurance Contract and Reinsurer)
The insured of the original insurance contract has no right to claim indemnification from a reinsurer. However, this restriction does not apply where otherwise provided by the original insurance contract or the reinsurance contract.
(Relations between Reinsurer and the Proposer of the Original Insurance Contract)
A reinsurer may not claim payment of premium from the proposer of the original insurance contract.
(Relations between Original Insurer and the Insured)
An original insurer may not refuse or delay fulfillment of its obligations to the insured on the grounds that a reinsurer has failed to fulfill its obligation to make reinsurance payment.