Claims Settlements. The Company agrees that it will provide prompt notice to the Reinsurer of its intention to contest, compromise or litigate a claim with respect to a Reinsured Contract, along with copies of all pleadings and reports of investigation with respect thereto. The Reinsurer shall have the right, at its own expense, to participate jointly with the Company in the investigation, adjustment or defense of such claims. In addition, in the event that litigation arises against the Company in connection with a claim which seeks damages in excess of $1 million or other remedies deemed material to the Reinsurer, the Reinsurer may, upon written notice to the Company, assume the defense thereof with counsel selected by the Reinsurer and reasonably satisfactory to the Company. If the Reinsurer assumes such defense, the Company shall have the right, at its own expense, to participate jointly with the Reinsurer in the defense thereof. If the Reinsurer assumes the defense of litigation, the Reinsurer shall not settle such litigation without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed) unless (i) there is no finding or admission of any violation of law or any violation of the rights of any Person, (ii) such settlement would not reasonably be expected to have material adverse precedential consequences to the Company and (iii) the sole relief provided is monetary damages that are paid in full by the Reinsurer.
Claims Settlements. The Company agrees that if so requested by the Reinsurer it will provide notice to the Reinsurer as soon as is reasonably practicable of its intention to commence litigation proceedings in respect of a claim in excess of £100,000 with respect to a Reinsured Policy along with (if requested by the Reinsurer) copies of all pleadings and reports of investigation with respect to that claim. The Reinsurer shall have the right, at its own expense, to participate jointly with the Company in the investigation, adjustment or defence of such claims.
Claims Settlements. The Retrocedent agrees to abide by the claim settlements of the Retrocessionaire. The Retrocessionaire shall be the sole judge of (i) the interpretation of the Reinsurance Agreements, (ii) what shall constitute a claim under the Reinsurance Agreements and (iii) the Retrocedent’s liability under the Reinsurance Agreements and the proper amounts for the Retrocedent to pay thereunder.
Claims Settlements. The Company will advise the Reinsurer of its intention to contest, compromise or litigate (jointly a “Contest”) any claim if such Contest could reasonably be expected to result in the payment by the Company of amounts different than the corresponding Covered Liabilities. The Reinsurer will pay its share of the expense of the Contest in addition to the Reinsurer’s Quota Share of such corresponding Covered Liabilities, or it may choose not to participate. If the Company’s Contest of such Covered Liabilities results in the reduction of its liability and the Reinsurer has chosen to participate therein, the Reinsurer will share in such reduction in proportion to the Reinsurer’s Quota Share. If the Reinsurer chooses not to participate, it will discharge its liability by payment to the Company of the full amount of the Reinsurer’s Quota Share of the corresponding Covered Liabilities. For the avoidance of doubt, corrections in Covered Liabilities due to a misstatement of material fact (such as age or sex) or a legal action initiated by the Company to determine the lawful claim beneficiary shall be subject to this Section 3.3.
Claims Settlements. (a) With respect to Reinsured Policies that are not Novated Policies, the Company agrees that it will provide prompt notice to the Reinsurer of its intention to litigate a claim with respect to such Reinsured Policy, along with copies of all pleadings and reports of investigation with respect thereto. The Reinsurer shall have the right, at its own expense, to participate jointly with the Company in the investigation, adjustment or defense of such litigation.
(b) With respect to Novated Policies, the Company agrees that it will provide prompt notice to the Reinsurer of its intention to contest, compromise or litigate a claim with respect to a Novated Policy, along with copies of all pleadings and reports of investigation with respect thereto. The Reinsurer shall have the right, at its own expense, to participate jointly with the Company in the investigation, adjustment or defense of such claims with respect to Novated Policies. In addition, in the event that litigation arises against the Company in connection with a claim with respect to a Novated Policy which seeks damages in excess of $1 million or other remedies deemed material to the Reinsurer, the Reinsurer may, upon written notice to the Company, assume the defense thereof with counsel selected by the Reinsurer and reasonably satisfactory to the Company. If the Reinsurer assumes such defense, the Company shall have the right, at its own expense, to participate jointly with the Reinsurer in the defense thereof. If the Reinsurer assumes the defense of litigation, the Reinsurer shall not settle such litigation without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed) unless (i) there is no finding or admission of any violation of law or any violation of the rights of any Person, (ii) such settlement would not reasonably be expected to have material adverse precedential consequences to the Company and (iii) the sole relief provided is monetary damages that are paid in full by the Reinsurer.
Claims Settlements. The procedures for settlement of claims ------------------ under this Agreement with respect to the Annuities shall conform to the procedures set forth in the CG YRT Retrocession Agreement (including Article VII thereunder) or any Successor YRT Retrocession Agreement so that ANLIC (Hawaii) may comply with all claim settlement procedures under the CG YRT Retrocession Agreement or any Successor YRT Retrocession Agreement. ANLIC (Hawaii) will accept the decision of Anchor with respect to Benefit Payments on Annuities reinsured hereunder. Except as specifically provided in this Agreement or otherwise provided under the Annuities reinsured hereunder, ANLIC (Hawaii) will pay the Benefit Payments in a lump sum to Anchor. Anchor must determine all Death Benefit Claims within the period of time specified under the CG YRT Retrocession Agreement or any Successor YRT Retrocession Agreement.
Claims Settlements. In case of damaged goods, PERFECT COAT shall reserve the right to deny the acceptance of the goods or to return then to the supplier at the expense of the supplier, unless otherwise agreed upon. All costs resulting from the damage shall be borne by the supplier.
Claims Settlements. When so requested, the Company will afford the Reinsurer an opportunity to be associated with the Company at the expense of the Reinsurer in the conduct of any audit and the defense or control of any claim, suit, or proceeding involving the Reinsurance Agreements, and the Company and the Reinsurer shall cooperate in every respect in the conduct of any such audit and the defense or pursuit of any such suit, claim or proceeding. Notwithstanding the foregoing, all adjustments, settlements and compromises made by the Company shall be binding upon the Reinsurer.
Claims Settlements. (a) All claims settlements made by the Reinsured, provided same are within the terms of the relevant eligible insurance contract and within the terms of this Agreement, shall be binding upon the Corporation and amounts falling to the share of the Corporation shall be payable by them upon reasonable evidence of the amount paid being given by the Reinsured.
(b) The Reinsured may request immediate payment by the Corporation of its share of any settlement made by the Reinsured if any loss to which this Agreement responds exceeds the amount stated in Item 5 of the Schedule. Such payment will be made within 14 days of the request being agreed to. There have been no changes to this clause.
