Libro IV · Título II Capítulo XI. Del contrato de reaseguro

Under the reinsurance contract, the insurer transfers to another insurer or reinsurer part or all of its own risk.

All reinsurance contracts must be registered with the supervising entity, without any other procedure or legalization being required when the reinsurers are foreign.

In matters not provided for by the parties in the contract, the internationally recognized rules for the type of reinsurance in question shall apply, and, supplementarily, the provisions of this Code to the extent applicable.

The disagreements between insurer and reinsurer shall be resolved by the arbitration clause contained in the contract, which shall state that the arbitrators must be technical experts and shall take into account mainly the uses and customs of reinsurance.

It shall not be necessary to record the arbitration clause contained in this contract in a public deed.

The person who has the status of direct insured or of beneficiary shall have no action against the reinsurer or the reinsurers.