The Reinsurance Security Agreement is essential in the Philippine insurance market where reinsurance companies need to provide security for their obligations to local insurers. This document becomes necessary when a reinsurer needs to establish collateral arrangements to secure its obligations under one or more reinsurance treaties or agreements. It must comply with the Insurance Code of the Philippines (Republic Act No. 10607) and Insurance Commission regulations, particularly regarding security requirements and collateral arrangements. The agreement typically includes specific provisions for collateral valuation, maintenance requirements, and enforcement mechanisms, while addressing both domestic and international reinsurance relationships. It's particularly relevant in cases where the reinsurer is not locally licensed or needs to provide additional security for its obligations.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification of the reinsured (cedant), reinsurer, and any security trustee or custodian
2. Background: Context of the reinsurance relationship and purpose of the security agreement
3. Definitions: Detailed definitions of technical terms, including regulatory references and calculation methodologies
4. Security Creation: Legal provisions establishing the security interest over the collateral
5. Collateral Requirements: Specifications for acceptable forms of collateral, valuation methods, and maintenance requirements
6. Deposit and Withdrawal Mechanics: Procedures for depositing and withdrawing collateral, including timing and notice requirements
7. Representations and Warranties: Standard and specific representations from each party regarding authority, compliance, and collateral
8. Covenants: Ongoing obligations of the parties regarding maintenance of security, reporting, and regulatory compliance
9. Events of Default: Circumstances constituting default and consequences thereof
10. Rights and Remedies: Actions available to parties upon default or breach
11. Term and Termination: Duration of the agreement and termination provisions
12. Governing Law and Jurisdiction: Choice of Philippine law and jurisdiction provisions
1. Security Trustee Provisions: Required when a third-party trustee is appointed to hold the collateral
2. Foreign Exchange Provisions: Needed when collateral is denominated in foreign currencies
3. Multiple Beneficiary Provisions: Used when security is shared among multiple reinsureds
4. Investment Guidelines: Required when collateral includes investment securities that need active management
5. Tax Provisions: Detailed tax arrangements when cross-border elements exist
6. Regulatory Reporting: Additional reporting requirements for specific regulatory regimes
1. Schedule of Secured Obligations: Details of the reinsurance agreements covered by the security arrangement
2. Collateral Eligibility Criteria: Specific requirements and criteria for acceptable forms of collateral
3. Valuation Methodology: Detailed procedures for valuing different types of collateral
4. Form of Collateral Statement: Template for periodic reporting of collateral status
5. Notice Requirements: Forms and procedures for various notices under the agreement
6. Authorized Signatories: List of persons authorized to act under the agreement
7. Required Forms: Standard forms for withdrawals, deposits, and other actions
Relevant legal definitions
Clauses
Relevant Industries
Insurance
Reinsurance
Financial Services
Banking
Risk Management
Legal Services
Asset Management
Relevant Teams
Legal
Compliance
Risk Management
Treasury
Insurance Operations
Underwriting
Finance
Regulatory Affairs
Corporate Security
International Operations
Relevant Roles
Chief Risk Officer
Reinsurance Manager
Legal Counsel
Compliance Officer
Treasury Manager
Insurance Operations Director
Chief Financial Officer
Underwriting Manager
Regulatory Affairs Manager
Security Trustee Officer
Collateral Manager
Insurance Commissioner
Risk Management Director
Find the exact document you need
Pledge Agreement (Real Estate)
A Philippine law-governed security agreement where real property is pledged as collateral to secure a debt or obligation.
find out more
Membership Pledge Agreement
A Philippine law-governed agreement that establishes formal membership terms, rights, and obligations between an organization and its members.
find out more
Motor Vehicle Security Agreement
A Philippine law-governed agreement establishing a security interest in a motor vehicle as collateral for a loan or financial obligation.
find out more
Security Interest Contract
A Philippine law-governed agreement creating a security interest in assets to secure an obligation, subject to the Personal Property Security Act and related legislation.
find out more
Real Estate Security Agreement
A Philippine law-governed agreement creating a security interest over real property as collateral for a loan or obligation.
find out more
Personal Information Confidentiality Agreement
A Philippine law-compliant agreement establishing confidentiality obligations for handling personal information, aligned with the Data Privacy Act of 2012.
find out more
Security Agreement For Promissory Note
A Philippine law-governed security agreement that creates a security interest in collateral to secure obligations under a promissory note.
find out more
Stock Transfer Agreement Gift
A Philippine law-compliant agreement for the gratuitous transfer of corporate shares from a donor to a donee, incorporating necessary tax and regulatory requirements.
find out more
Security Deposit Agreement
A Philippine law-governed agreement establishing terms for handling, maintaining, and returning a security deposit between parties, typically used in property rental or service arrangements.
find out more
Penetration Testing Confidentiality Agreement
A Philippine-law governed agreement establishing confidentiality terms and authorized activities for cybersecurity penetration testing services.
find out more
Data Privacy Contract
A Philippine law-compliant contract governing personal data processing arrangements between parties, aligned with the Data Privacy Act of 2012.
find out more
Collateral Substitution Agreement
A Philippine law-governed agreement enabling the substitution of loan collateral while maintaining security interest continuity and regulatory compliance.
find out more
Agreement To Exclude Security Of Tenure
A Philippine law-compliant agreement that establishes fixed-term employment by excluding security of tenure provisions, subject to Labor Code requirements.
find out more
Security Agreement Contract
A Philippine law-governed agreement creating security interests over collateral to secure obligations, complying with the Personal Property Security Act.
find out more
Stock Collateral Loan Agreement
A Philippine law-governed agreement establishing terms for a loan secured by shares of stock, including collateral arrangements and enforcement mechanisms.
find out more
Stock Pledge And Security Agreement
A Philippine law-governed agreement creating a security interest over shares of stock as collateral for securing obligations.
find out more
Tri Party Collateral Agreement
A Philippine law-governed agreement establishing arrangements between three parties for the management and custody of collateral assets.
find out more
Purchase Money Security Agreement
A Philippine law-governed agreement creating a security interest in purchased property, establishing purchase terms and secured party's rights under the Personal Property Security Act.
find out more
Loan Against Shares Agreement
A Philippine law-governed agreement establishing terms for a loan secured by shares as collateral, detailing pledge arrangements and security mechanisms.
find out more
Note And Security Agreement
A Philippine law-governed agreement combining loan terms and security arrangements, establishing both debt obligations and collateral rights.
find out more
Debenture Trustee Agreement
A Philippine law-governed agreement appointing and establishing the duties of a trustee to protect debenture holders' interests in a debenture issuance.
find out more
Irrevocable Pledge Agreement
A Philippine law-governed security agreement creating an irrevocable pledge over specific assets as collateral for securing obligations.
find out more
Guaranty And Security Agreement
A Philippine law-governed agreement combining a personal guarantee with security interests in collateral to secure obligations, subject to local secured transactions laws.
find out more
Global Master Repurchase Agreement
A master agreement for repurchase transactions in the Philippines, compliant with BSP and SEC regulations, governing securities financing between financial institutions.
find out more
Equipment Security Agreement
A Philippine law-governed agreement creating security interests in equipment as collateral for loans or obligations, regulated under the Personal Property Security Act.
find out more
Auto Loan Security Agreement
A Philippine law-governed agreement creating a security interest in a financed vehicle, establishing loan terms and collateral arrangements under local banking and consumer protection regulations.
find out more
Personal Security Agreement
A legally-binding agreement under Philippine law that establishes terms and conditions for security service provision, ensuring compliance with RA 5487 and related regulations.
find out more
Omnibus Loan And Security Agreement
A Philippine law-governed agreement combining multiple loan facilities and security arrangements into a single comprehensive financing document.
find out more
Collateral Account Control Agreement
A Philippine law-governed agreement establishing control over a bank account as collateral security between an account holder, secured party, and deposit bank.
find out more
Collateral Account Agreement
A Philippine law-governed agreement establishing security over a bank account and its contents, setting out control and enforcement rights.
find out more
Chattel Security Agreement
A Philippine law-governed agreement creating security interests in personal property (chattel) to secure obligations, regulated under the Personal Property Security Act.
find out more
Account Control Agreement Collateral
A Philippine law-governed tripartite agreement establishing control over deposit accounts as collateral security, enabling perfection of security interests under local law.
find out more
Retail Installment Contract And Security Agreement
A Philippine law-governed agreement combining retail installment sales terms with security provisions for consumer goods purchases, ensuring seller protection and compliance with local consumer protection laws.
find out more
Subordinated Creditors Security Agreement
A Philippine law-governed agreement establishing security interests and creditor priorities in secured financing arrangements, regulating relationships between senior and subordinated creditors.
find out more
Personal Loan Contract With Collateral
A Philippine law-governed agreement establishing terms for a personal loan secured by collateral, including security interest provisions and regulatory compliance requirements.
find out more
Shareholder Agreement Transfer Of Shares
A Philippine law-governed agreement documenting the transfer of shares between shareholders, setting out terms, conditions, and regulatory compliance requirements.
find out more
Stock Transfer Restriction Agreement
A Philippine law-governed agreement that establishes restrictions and procedures for corporate share transfers, protecting existing shareholders' interests and maintaining ownership control.
find out more
Third Party Collateral Agreement
A Philippine law-governed agreement where a third party provides their assets as collateral to secure another party's obligations to a creditor.
find out more
Security Control Agreement
A Philippine-law governed agreement establishing security control measures and compliance requirements, ensuring alignment with local data protection and cybersecurity regulations.
find out more
Key Holding Agreement
A Philippine-compliant agreement establishing terms for professional key custody services, including security protocols and liability arrangements.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)