CANCELLATION OPTION. In the event of insolvency of Allianz Life, the Ceding Company, upon written notice within ninety (90) days, may at its option cancel this agreement effective retroactively to the date of such insolvency as it relates to the renewal of existing reinsurance. Allianz Life shall then make proper financial adjustment from the effective cancellation date and remain liable for the payment of any claim which had occurred prior to the date of cancellation whether or not due proof of such claim had actually been received by such date.
Appears in 3 contracts
Samples: Non Refund Agreement (Union Security Insurance Co Variable Account C), Automatic Reinsurance Agreement (Thrivent Variable Life Account 1), Refund Agreement (Security Equity Life Insurance Co Separate Account 13)
CANCELLATION OPTION. In the event of insolvency of Allianz Life, the Ceding Company, upon written notice within ninety (90) days, may at its option cancel this agreement Agreement effective retroactively to the date of such insolvency as it relates to the renewal of existing reinsurance. Allianz Life shall then make proper financial adjustment from the effective cancellation date and remain liable for the payment of any claim which had occurred prior to the date of cancellation whether or not due proof of such claim had actually been received by such date.
Appears in 1 contract
Samples: Automatic Bulk Yrt Non Refund Agreement (Mony America Variable Account L)
