Abstract
In 2010, the European Principle of Insurance Contracts (PEICL) stipulated that PEICL did not apply to reinsurance contracts. The reason was that the insurance contract law of most EU member states completely excluded the application of the insurance contract law to reinsurance contracts. Accordingly, the project group led by the private sector began to write the Reinsurance Contract Law Principles (PRICL). The goal of this work is to provide a unified soft law for contract law to the reinsurance market. This project has a similar purpose to the restatement promoted by the American Legal Association (ALI) and has a similar writing format. ALI's restatement is intended to enhance the clarity and simplification of the law, accommodate social needs, and encourage the performance of academic and scientific legal work useful in trials. Project Group published its achievements so far in 2019. It was named PRICL version 1.0. PRICL Project Group planned to complete the work until the end of 2023, but failed to complete it due to COVID-19 pandemic and other reasons. Korea occupies a significant portion of the global insurance(and reinsurance)market. Nevertheless, the author regret the lack of research on PRICL in Korean academia. This paper briefly introduces the basic matters of PRICL's preparation process and version 1.0. As well as the provisions to be added in the future, a detailed review of the entire article is required.
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