ANNUITY PAYMENTS. The term “Annuity Payments,” as used in this Agreement, shall mean (i) periodic payments made by the Ceding Company in the event that an Annuity annuitizes and (ii) the statutory reserve for an Annuity with a guaranteed withdrawal benefit that reaches zero. In the event that an Annuity annuitizes, the Reinsurer shall pay to the Ceding Company the Quota Share Percentage of each resulting Annuity Payment. In the event that the account balance of an Annuity with a guaranteed withdrawal benefit reaches zero, the Ceding Company will establish a payout annuity for the remaining benefit and the Reinsurer shall pay to the Ceding Company an amount equal to the Quota Share Percentage of the statutory reserve for that Annuity. The Reinsurer shall have no further obligation or liability with respect to any such annuitized Annuities.
Appears in 6 contracts
Samples: Reinsurance Agreement (WRL Series Annuity Account), Reinsurance Agreement (Separate Account Va B), Reinsurance Agreement (Separate Account Va B)
