KudoZ home » French to English » Law: Contract(s)

contrat commutatif

English translation: commutation agreement

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:contrat commutatif
English translation:commutation agreement
Entered by: Martine Brault
Options:
- Contribute to this entry
- Include in personal glossary

03:14 Nov 1, 2006
French to English translations [PRO]
Law/Patents - Law: Contract(s)
French term or phrase: contrat commutatif
Le consentement réciproque des parties doit porter sur le montant de la soutle qui constitue l'une des prestations promises pour assurer l'équilibre de ce contrat commutatif.
Jessica Crockett
United States
Local time: 12:58
commutation agreement
Explanation:
What Is a Commutation?
A commutation is a settlement agreement reached between a reinsured and a reinsurer by which the reinsurance obligation is terminated by an agreement by the reinsurer to pay funds at present value that are not yet due under the reinsurance agreement.

Equitas, Zurich/Centre Reach Commutation Agreement
February 4, 2005

Switzerland's Zurich Financial Services Group announced that Centre Group, a subsidiary of Zurich, and Equitas have reached an agreement to commute policies purchased from Centre by Lloyd's syndicates reinsured by Equitas.

Advertisement
Equitas is the Lloyd's vehicle set up in 1996 to runoff asbestos and environmental claims, accrued before 1992.

Zurich said: "As a result of the agreement, Centre paid Equitas USD 547 million. The commutation effectively eliminates the Centre Group's exposure to syndicates reinsured by Equitas. Centre previously recognized these liabilities on its balance sheet in the regular course of business in accordance with the applicable accounting policies. This commutation represents significant progress in the overall run-off of Centre's liabilities."



1. Domaine(s)
– Trade and Finance (formerly XBF) (deactivated)

Domaine(s)
– Finances et commerce (anc. XBF) (désactivé)


commutation agreement Source

contrat commutatif Source
Selected response from:

Martine Brault
Canada
Local time: 13:58
Grading comment
Thank you!
3 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
4 +2commutation agreement
Martine Brault


Discussion entries: 1





  

Answers


17 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
commutation agreement


Explanation:
What Is a Commutation?
A commutation is a settlement agreement reached between a reinsured and a reinsurer by which the reinsurance obligation is terminated by an agreement by the reinsurer to pay funds at present value that are not yet due under the reinsurance agreement.

Equitas, Zurich/Centre Reach Commutation Agreement
February 4, 2005

Switzerland's Zurich Financial Services Group announced that Centre Group, a subsidiary of Zurich, and Equitas have reached an agreement to commute policies purchased from Centre by Lloyd's syndicates reinsured by Equitas.

Advertisement
Equitas is the Lloyd's vehicle set up in 1996 to runoff asbestos and environmental claims, accrued before 1992.

Zurich said: "As a result of the agreement, Centre paid Equitas USD 547 million. The commutation effectively eliminates the Centre Group's exposure to syndicates reinsured by Equitas. Centre previously recognized these liabilities on its balance sheet in the regular course of business in accordance with the applicable accounting policies. This commutation represents significant progress in the overall run-off of Centre's liabilities."



1. Domaine(s)
– Trade and Finance (formerly XBF) (deactivated)

Domaine(s)
– Finances et commerce (anc. XBF) (désactivé)


commutation agreement Source

contrat commutatif Source


Martine Brault
Canada
Local time: 13:58
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in FrenchFrench
PRO pts in category: 48
Grading comment
Thank you!

Peer comments on this answer (and responses from the answerer)
agree  divas
2 hrs
  -> Thanks

agree  Assimina Vavoula
3 hrs
  -> Thanks
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search