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.
Appears in 3 contracts
Samples: Reinsurance Agreement (Separate Account Vl I of Hartford Life Insurance Co), Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii)
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 ILA 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.
Appears in 2 contracts
Samples: Reinsurance Agreement (Hartford Life & Annuity Insurance Co Sep Account Vl I), Reinsurance Agreement (Hartford Life & Annuity Ins Co Separate Acount Vlii)
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.
Appears in 1 contract
Samples: Reinsurance Agreement (Hartford Life Insurance Co Separate Account Vl Ii)
