Agreement establishing the African Reinsurance Corporation
Type of Document: Treaties
International Organization: African Reinsurance Corporation
Year: 1976
Country: Algeria, Benin, Cameroon, Central African Republic, Chad, Congo, Egypt, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Ivory Coast, Kenya, Liberia, Libya, Mali, Mauritania, Mauritius, Morocco, Niger, Nigeria, Senegal, Sierra Leone, Somalia, Sudan, Togo, Tunisia, Uganda, Tanzania
The Agreement has instituted the African Reinsurance Corporation (AFRICARE).
To enable the Corporation [to] effectively fulfil its purpose and carry out the functions entrusted to it, the Convention defines the status, immunities, exemptions and privileges of AFRICARE.
The Corporation shall possess full juridical personality and, in particular, full capacity: to acquire; to contract; to sue.
Legal actions may be brought against the Corporation in a court of competent jurisdiction in the territory of a country in which the Corporation has its Headquarters, or has appointed an agent for the purpose of accepting service
or notice or process, or has otherwise agreed to be sued. Disputes arising from reinsurance contracts entered into by the Corporation shall be subject to conventional practices or to ordinary legal processes applicable to comparable business as shall be agreed in the respective contracts. In all cases, the Corporation and its property and assets wherever located and by whomsoever held, shall be immune from all forms of seizure, attachment or execution before the delivery of final judgement against the Corporation (Article 48).