Common use of Claims Settlement Account Clause in Contracts

Claims Settlement Account. (a) On the Closing Date, the Reinsurer shall establish a separate bank account (the “Claims Settlement Account”) in its own name for the payment of Benefits and shall authorize two signatories who shall be representatives of the Company and approved by the Reinsurer in writing to issue drafts in the name of the Reinsurer and showing the identity of the Company. The Reinsurer shall fund such account for payment of Benefits in accordance with the provisions of Section 4.1(b). Any interest earned on the Claims Settlement Account shall belong to the Reinsurer. The Claims Settlement Account shall be administered by the Company in a fiduciary capacity and shall be used solely by the Company to make payments of Benefits in accordance with the terms of this Agreement.

Claims Settlement Account. (a) On the Closing Date, the Reinsurer shall establish a separate bank account (the “Claims Settlement Account”) in its own name for the payment of Benefits Reinsured Risks and shall authorize two signatories who shall be representatives of the Company and approved by the Reinsurer in writing to issue drafts in the name of the Reinsurer and showing the identity of the Company. The Reinsurer shall fund such account for payment of Benefits claims in accordance with the provisions of Section 4.1(b). Any interest earned on the Claims Settlement Account shall belong to the Reinsurer. The Claims Settlement Account shall be administered by the Company in a fiduciary capacity and shall be used solely by the Company to make payments of Benefits claims in accordance with the terms of this Agreement.

Claims Settlement Account. (a) On the Closing Effective Date, the Reinsurer Company shall establish a separate fiduciary bank account (the “Claims Settlement Account”) in its own name for the payment of Benefits Claims and shall authorize two signatories who shall be representatives of employed by the Company Administrator and approved by the Reinsurer Company in writing to issue drafts checks in the name of the Reinsurer and showing the identity of the Company. The Reinsurer Company shall fund such account for payment of Benefits Claims in accordance with the provisions of Section 4.1(b4.2(b). Any The Claims Settlement Account shall be the property of the Company and any interest earned on the Claims Settlement Account shall belong to the ReinsurerCompany. The Claims Settlement Account shall be administered by the Company Administrator in a fiduciary capacity and shall be used solely by the Company Administrator to make payments of Benefits Claims in accordance with the terms of this Agreement.