Credit for Reinsurance. Retrocessionaire shall take all actions reasonably necessary, if any, to permit Retrocedant to obtain full financial statement credit in all applicable U.S. jurisdictions for all liabilities assumed by the Retrocessionaire pursuant to this Agreement, including but not limited to loss and loss adjustment expense reserves, unearned premium reserves, reserves for incurred but not reported losses, allocated loss adjustment expenses and ceding commissions, and to provide the security required for such purpose, in a form reasonably acceptable to Retrocedant. Any reserves required by the foregoing in no event shall be less than the amounts required under the law of the jurisdiction having regulatory authority with respect to the establishment of reserves relating to the relevant Reinsurance Contracts. For purposes of this Article XIX, such "actions reasonably necessary" may include, without limitation, the furnishing of a letter of credit or the establishment of a custodial or trust account, as permitted under applicable law, to secure the payment of the amounts due the Retrocedant under this Agreement.
Credit for Reinsurance. The parties intend that the Company will receive statutory reserve credit in its state of domicile for reinsurance provided under this Agreement. The parties agree to use reasonable efforts to ensure that such reserve credit will remain available to the Company.
Credit for Reinsurance. The Reinsurer shall take such actions as may be necessary or appropriate in order to enable the Ceding Company (i) to secure full qualification for reinsurance accounting under SAP applicable to the Ceding Company for the reinsurance ceded to the Reinsurer under this Agreement on a modified coinsurance basis and (ii) to obtain full statutory financial statement credit for the reinsurance ceded to the Reinsurer under this Agreement on a coinsurance with funds withheld basis, in each case, in the statutory financial statements required to be filed by the Ceding Company with the Governmental Authority charged with the supervision of insurance companies in the Ceding Company’s domiciliary state (“Reserve Credit”).
Credit for Reinsurance. (a) The Reinsurer shall, at its own expense, take all steps necessary (including the posting of letters of credit or other acceptable security) to enable the Company to receive and maintain full credit for the reinsurance provided by this Agreement in any jurisdiction applicable throughout the entire term of this Agreement.
(b) It is understood and agreed that any term or condition required by Applicable Law to be included in this Agreement for the Company to receive statutory credit for the reinsurance provided by this Agreement shall be deemed to be incorporated in this Agreement by reference. Furthermore, the Reinsurer and the Company agree to amend this Agreement, or enter into other agreements or execute additional documents as needed to comply with the credit for reinsurance laws and regulations and/or the requirements of Iowa Insurance Division.
Credit for Reinsurance. A. The parties intend that credit for reinsurance ceded under this Agreement shall be allowed the Ceding Company in its statutory financial statements filed in all jurisdictions in which the Ceding Company is licensed, accredited or otherwise authorized to transact business ("Credit"). The Reinsurer represents to the Ceding Company that it is properly licensed or accredited in all such jurisdictions except the state of New York and shall notify the Ceding Company immediately upon any change in or loss of such licensing or accreditation in accordance with Article XXIV.
B. In order for credit for reinsurance ceded under this Agreement to be allowed the Ceding Company in its statutory financial statements filed in the state of New York, the Reinsurer shall establish and maintain security at least equal to the Security Amount, at its sole expense, on a quarterly basis. Such security will be provided in the form of a clean, irrevocable letter of credit acceptable under Article XXVI and the insurance laws and regulations of New York Insurance Regulation 133.
C. The parties shall use best efforts to ensure that Credit shall remain available to the Ceding Company throughout the duration of this Agreement.
D. For purposes of this Article XXV, Security Amount mean amounts for policy reserves, reserves for claims and losses incurred (including losses incurred but not reported), loss adjustment expenses, unearned premiums and reinsurance recoverables on paid and unpaid losses. The Ceding Company shall calculate the Security Amount in accordance with the valuation laws, regulations and actuarial guidelines to which the Ceding Company is subject on each valuation date.
E. If the Reinsurer fails to establish or maintain security as set forth above, the Ceding Company may recapture the reinsurance ceded under this Agreement without fee. However, recapture shall not be construed as the sole remedy available to the Ceding Company. Single Life Term YRT Treaty -- Effective 10/15/1999 Between HLIC and SCOR Life US Amendment 6 -- Effective 01/01/2007
Credit for Reinsurance. 16.5 Non-Waiver 16.6 Retrocession 16.7 Governing Law 16.8 Interest
Credit for Reinsurance. 16.5 Non-Waiver
Credit for Reinsurance. 9 17. Execution ..............................................................11
Credit for Reinsurance. SECURITY
19.1 CREDIT FOR REINSURANCE Retrocessionaire shall take all actions reasonably necessary, if any, to permit Retrocedant to obtain full financial statement credit in all applicable jurisdictions for all liabilities assumed by the Retrocessionaire pursuant to this Agreement, including but not limited to loss and loss adjustment expense reserves, unearned premium reserves, reserves for incurred but not reported losses, allocated loss adjustment expenses and ceding commissions, and to provide the security required for such purpose, in a form acceptable to Retrocedant. Any reserves required by the foregoing in no event shall be less than the amounts required under the law of the jurisdiction having regulatory authority with respect to the establishment of reserves relating to the relevant Reinsurance Contracts. For purposes of this Article 19, such "actions reasonably necessary" may include, without limitation, the furnishing of a letter of credit or the establishment of a custodial or trust account, as permitted under applicable law, to secure the payment of the amounts due the Retrocedant under this Agreement.
Credit for Reinsurance. At all times during the term of this Agreement, the Reinsurer agrees that it (a) shall hold and maintain all licenses, permits and authorities required under applicable laws to perform its obligations hereunder or (b) establish and maintain security in the form of letters of credit, assets held in a reinsurance trust or a combination thereof at its sole expense in a manner that meets all applicable Laws regarding credit for reinsurance, in each case as necessary to enable the Company to receive statutory reserve credit in all jurisdictions where it is licensed as an insurer unless otherwise mutually agreed by the Parties.
