Ceding Company and REINSURER agree to exchange information pertaining to the net consideration under this Agreement each year to insure consistency or as otherwise required by the Internal Revenue Service;
Ceding Company. 1. In the event of the insolvency of the Ceding Company, this reinsurance shall be payable directly to the Ceding Company, or to its liquidator, receiver, conservator or statutory successor on the basis of the liability of the Ceding Company without diminution because of the insolvency of the Ceding Company or because the liquidator, receiver, conservator or statutory successor of the Ceding Company has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Ceding Company shall give written notice to Generali USA of the pendency of a claim against the Ceding Company, indicating the policy or bond reinsurance which claim would involve a possible liability on the part of the reinsurers within a reasonable time after that claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of that claim Generali USA may investigate that claim and interpose, at its own expense, in the proceeding where that claim is to be adjudicated any defense(s) they may deem available to the Ceding Company or its liquidator, receiver, conservator or statutory successor. This expense incurred by Generali USA shall be chargeable, subject to the approval of the court, against the Ceding Company as part of the expense of conservation or liquidation to the extent of a PRO RATA share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by Generali USA.
2. Where two (2) or more reinsurers are involved in the same claim and a majority in interest elects to interpose defense to that claim, the expense shall be apportioned in accordance with the terms of the reinsurance agreement as though that expense had been incurred by the Ceding Company.
3. This insolvency clause shall not preclude Generali USA from asserting any excuse or defense to payment of this reinsurance other than the excuses or defenses of the insolvency of the Ceding Company and the failure of the Ceding Company's liquidator, receiver, conservator or statutory successor to pay all or a portion of any claim.
Ceding Company. REINSURER: ---------------------------------------------------------------- ACCOUNT NO: ---------------------------------------------------------------- PREPARED BY: Phone: ( ) -------------------- ---------- ---------------------- DATE PREPARED: ---------------------------------------------------------------- TYPE OF REINSURANCE: Yearly Renewable Term ------------------------------------------------ Coinsurance ------------------------------------------------ Modified Coinsurance ------------------------------------------------ Other ------------------------------------------------ VALUATION DATE: ---------- NUMBER OF AMOUNT OF POLICIES REINSURANCE --------- -------------------------
Ceding Company shall notify the Reinsurer that the Ceding Company intends to contest, compromise or litigate a Policy claim. The Reinsurer shall pay its share of any settlement up to the maximum that would have been payable under the Policy had there been no controversy together with the Reinsurer's share of specific expenses involved unless it declines to endorse the contest, compromise or litigation, in which case it shall pay the full amount of its share of the claim to the Ceding Company. Compensation of salaried officers and employees of the Ceding Company shall not be included in the Reinsurer's share of the specific expenses and/or final settlement.
Ceding Company. An insurer which underwrites and issues an original, principal policy to an insured and contractually Cedes a portion of the Risk to the Reinsurer. Coinsurance – Indemnity life reinsurance under which the reserves as well as the Risk are transferred to the Reinsurer; the Ceding Company retains its liability to the contractual relationship with the insured. Under the Coinsurance method, the Ceding Company will pay the Reinsurer a proportionate part of the Premiums it receives. In return, the Reinsurer agrees to pay the Ceding Company a proportionate part of the claim and participate in all other policy benefits explicitly stated in this Agreement.
Ceding Company and Reinsurer expressly agree that the terms and conditions of this Agreement shall not be disclosed by either party without the prior written consent of the other except to the companies to whom business covered by the Reinsurance Treaty was retroceded or where required by law. The Parties expressly agree that such written consent shall not be unreasonably withheld. In the event disclosure is to be made pursuant to this Section 6, the disclosing party shall give prior written notice to the other party specifying the information to be disclosed, the manner of disclosure, and to whom disclosure is to be made. No disclosure shall be made to any third party unless said third party states in writing to the Parties hereto prior to disclosure that said third party agrees to and is bound by this Section 6.
Ceding Company. Date: By: --------------------- ----------------------------- REINSURER Date: By: --------------------- ----------------------------- SCHEDULE A Maximum Limits of Reinsurance in Reinsurer The maximum purchase amount issued on the life of each insured*: [$ ] The total purchase amount is the sum of all premium contributions for each contract in which the insured is the owner or annuitant. For purchase amounts in excess of the maximum, Reinsurer's death benefit liability will be reduced by the ratio of purchase amounts in excess of the maximum to the total purchase amounts. *The insured is defined as the first to die of the owner and the annuitant. SCHEDULE B Contracts and Funds Subject to this Reinsurance Agreement Form Number Policy Description Date ----------- ------------------ ---- FUNDS:
Ceding Company. FORTIS BENEFITS INSURANCE COMPANY (hereinafter referred to as the “Ceding Company”) REINSURER: CONTINENTAL ASSURANCE COMPANY OF CHICAGO, ILLINOIS (hereinafter referred to as “Continental”) EFFECTIVE DATE: May 1, 2000 Commencing on the effective date, the Ceding Company will submit and Continental agrees to accept, the Ceding Company’s Guaranteed Minimum Death Benefit (GMDB) risks as defined in Schedule B, the Accepted Coverage Schedule, subject to the provisions of this agreement. 1 Automatic reinsurance 3 II Reinsurance premiums and reporting 3 III Errors and omissions 5 V Claims 5 VI Recapture 7 VII Inspection of records 7 VIII Confidentiality 8 IX Insolvency 8 X Termination charge 9 XI Parties to the agreement 10 XII Duration of agreement 10 XIV Currency 11 XV Choice of law and forum 11 XVI Dac tax 11 XVII Premium tax 12 XVIII Entire contract 12 A Automatic Acceptance Limits 15 B Accepted Coverage 20 C Premium Rates 21 D Reporting Format 23 E Sub-Accounts 24
Ceding Company. The first paragraph of this Agreement.
Ceding Company. An insurer which underwrites and issues an original, principal policy to an insured and contractually Cedes a portion of the Risk to the Reinsurer. Coinsurance - Indemnity life reinsurance under which the reserves as well as the Risk, are transferred to the Reinsurer; the Ceding Company retains its liability to the contractual relationship with the insured. Under the Coinsurance method, the Ceding Company will pay the Reinsurer a proportionate part of the Premiums it receives. In return, the Reinsurer agrees to pay the Ceding Company a proportionate part of the claim and participate in. all other policy benefits explicitly stated in this Agreement. Contractual Conversion - A conversion privilege as defined within the policy form not requiring evidence of insurability. Effective Date of this Agreement - The date on which this Agreement becomes binding on the Ceding Company and the Reinsurer. Policies with an application date on or after this date are eligible for reinsurance coverage under this Agreement. Excess Reinsurance - A form of reinsurance under which recoveries are available when a given loss exceeds the Ceding Company’s Retention (Excess of loss reinsurance) as defined in the Agreement. Facultative - Reinsurance under which the Ceding Company has the option (faculty) of submitting and the Reinsurer has the option of accepting or declining individual risks. First Dollar Quota Share (FDQS) - An Agreement which provides that a fixed percentage of each Risk issued will be reinsured Flat Extra - An additional premium amount per $1,000 of insurance that is charged to cover any extra hazard or special risk such as aviation or hazardous activities as assessed by the underwriter of the policy application. The additional premium paid to the Reinsurer is calculated based on the reinsured face amount. Payment of the flat extra will be on either a temporary or permanent basis. Late Reported Policy is defined in Article 18 - Late Reporting.
