BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when balances are in default, by giving ninety (90) days written notice of termination to the Ceding Company. As of the close of the last day of this ninety (90) day notice period, the Reinsurer’s liability for all risks reinsured under this Agreement will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I.
BALANCES IN DEFAULT. Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the first business day in January prior to the due date of the premium when renewal premiums are not paid within sixty (60) days of the due date or premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim:
a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P;
b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and
c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to Allocated Retention Pool (Excess Risks) -- Effective October 1, 2008 Between HLIC and Canada Life recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.
BALANCES IN DEFAULT. If the Reinsurer is delinquent by more than thirty (30) days on an undisputed amount due to the Ceding Company relating to a claim:
a. The Ceding Company shall have the right to charge interest on delinquent amounts in accordance with Section XXII.P;
b. The Ceding Company shall have the right to offset such amount, including any accrued interest charged by the Ceding Company, from any amount due the Reinsurer in accordance with Article XVII; and
c. To the extent there is an insufficient balance from which to offset such amounts, the Ceding Company shall have the right to recapture the remaining reinsurance under this Agreement, as described in Article XVI, Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re provided the Ceding Company has given the Reinsurer ninety (90) days advance written notice of its intent to recapture and the Reinsurer has failed to pay the net amount due, including any accrued interest charged by the Ceding Company, by the end of such notice period. In no event shall recapture be construed to be the exclusive remedy of the Ceding Company.
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate the reinsurance for new business and all policies having reinsurance premiums in arrears, by giving ninety (90) days written notice of its intention to the Ceding Company. If all reinsurance premiums in arrears, including any that become in arrears during the ninety (90) day notice period, are not paid before the expiration of the notice period, the Reinsurer will be relieved of all liability under those policies as of the last date to which premiums have been paid for each policy. Reinsurance on policies on which reinsurance premiums subsequently fall due will automatically terminate as of the last date to which premiums have been paid for each policy, unless reinsurance premiums on those policies are paid on or before their due date pursuant to section 4 above. The first day of this ninety (90) day notice of termination, resulting from default as described in section 4 of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I.
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. Renewal premiums are not paid within sixty (60) days of the due date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued. -------------------------------------------------------------------------------- ARBITRATION, ARTICLE XIII: --------------------------------------------------------------------------------
1. ARBITRATION ASSOCIATION: American Arbitration Association
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the prime rate plus [REDACTED]% as stated in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. Renewal premiums are not paid within sixty (60) days of the due date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued. SCHEDULE I - REINSURANCE SPECIFICATIONS (CONTINUED) ------------------------------------------------------------------------------------------------------------------------------- ARBITRATION, ARTICLE XIII: -------------------------------------------------------------------------------------------------------------------------------
1. ARBITRATION ASSOCIATION: American Arbitration Association
2. PLACE OF ARBITRATION: St. Louis, Missouri, USA ------------------------------------------------------------------------------------------------------------------------------- CHOICE OF LAW AND FORUM, ARTICLE XVIII: -------------------------------------------------------------------------------------------------------------------------------
1. CHOICE OF LAW AND FORUM: New York, USA SCHEDULE II - RETENTION The Ceding Company will retain up to the maximum limits stated below: Issue Ages Standard - Table 2 Table 3 - 8 Table 9 - Up ---------- ------------------ ----------- ------------
BALANCES IN DEFAULT. The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as published in the Wall Street Journal on the 1st business day in January prior to the due date of the premium when:
a. Renewal premiums are not paid within sixty (60) days of the due date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
1. Arbitration Association: American Arbitration Association
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when undisputed balances are in default, by giving ninety (90) days' written notice of termination to the Ceding Company. As of the close of the last day of this ninety- (90) day notice period, the Reinsurer's liability for all risks reinsured under the default statements will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety- (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as shown in Schedule I. The Ceding Company will not force termination under the provisions of this section to avoid the recapture requirements or to transfer the block of business to another Reinsurer.
BALANCES IN DEFAULT. The Reinsurer will have the right to terminate this Agreement, when balances are in default, by giving ninety (90) days written notice of termination to the Ceding Company. As of the close of the last day of this ninety (90) day notice period, the Reinsurer's liability for all risks reinsured under this Agreement will terminate. The first day of this ninety (90) day notice of termination, resulting from default as described in paragraph four of this Article, will be the day the notice is received in the mail by the Ceding Company, or if the mail is not used, the day it is delivered to the Ceding Company. If all balances in default are received within the ninety (90) day time period, the Agreement will remain in effect. The interest payable on balances in default is stipulated as follows: The Reinsurer reserves the right to charge interest at the Prime Rate plus 2% as stated in the Wall Street Journal on the 1st business day in January prior to the date of the premium when:
a. Renewal premiums are not paid within sixty (60) days of the due date.
b. Premiums for new business are not paid within one hundred twenty (120) days of the date the policy is issued.
