CREDIT FOR RESERVES. 10.1 The Parties intend that the Ceding Company will receive statutory reserve credit in its state of domicile for the insurance risks ceded to the Reinsurer. The Parties agree to make all reasonable efforts to ensure that this is accomplished. The Ceding Company does not expect to receive statutory reserve credit for any necessary deficiency reserves.
CREDIT FOR RESERVES. 19 10.1 Reserve Methodology and Reporting ARTICLE 11 - RETENTION LIMIT CHANGES...................................... 20 ARTICLE 12 - RECAPTURE.................................................... 21
CREDIT FOR RESERVES. The parties intend that the CEDING 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 CEDING COMPANY.
CREDIT FOR RESERVES. 10.1 It is the intention of the Ceding Company and the Reinsurer that the Ceding Company shall receive full statutory accounting credit for reinsurance ceded to the Reinsurer pursuant to this Agreement in accordance with the insurance laws of the Ceding Company's United States state of domicile. In the event that the Ceding Company is denied such full statutory accounting credit by its state of domicile as a direct result of the actions of the Reinsurer, the Reinsurer agrees to take such reasonable steps as may be necessary for the Ceding Company to receive such statutory accounting credit for reinsurance ceded to the Reinsurer. If despite its best efforts, the Reinsurer is unable or fails to comply with the terms of this section with respect to the Ceding Company's United States state of domicile, it shall immediately notify the Ceding Company, and the Ceding Company shall have the right to terminate this Agreement and recapture all reinsurance hereunder after one hundred eighty (180) days notice, during which the Reinsurer has the right to satisfy the terms of this section.
CREDIT FOR RESERVES. The parties intend that the Ceding Company will receive full statutory reserve credit in its state of domicile for the insurance risks ceded to MARC. The parties agree to make all reasonable efforts to ensure that this is accomplished. The Ceding Company will provide a reserve summary for business reinsured under this agreement to MARC on an annual basis, along with a detailed description of its reserving assumptions and any changes in these assumptions applicable to each calendar year. The Ceding Company will promptly communicate any change in its reserve assumptions to MARC. MARC reserves the right to make changes to the reinsurance allowances under this Agreement if any change the Ceding Company makes to its reserving methodology results in differences in the level of the reserves it must hold on a statutory basis. Any such change to the allowances will correspond to the change in costs MARC incurs due to the change in statutory reserves of the Ceding Company.
CREDIT FOR RESERVES. The parties intend that the Ceding Company will receive statutory reserve credit in its state of domicile for the insurance risks ceded to Munich Re, U.S. (Life). The parties agree to make all reasonable efforts to ensure that this is accomplished. Munich Re, U.S. (Life) will hold reserves it deems appropriate considering the regulations of their state of domicile. Notwithstanding any other provision of this Agreement to the contrary, if the Ceding Company loses reserve credit on its statutory financial statements for the reinsurance being provided under this Agreement due to circumstances (individually referred to as a “Reserve Credit Event”):
(i) directly caused by Munich Re, U.S. (Life), including but not limited to: (a) Munich Re, U.S. (Life)’s failure to maintain in effect a required license or accreditation in the Ceding Company’s state of domicile; or (b) Munich Re, U.S. (Life)’s failure to maintain for any reason authorization in any applicable State or the District of Columbia or any other jurisdiction where authorization is required by insurance regulatory authorities in order for the Ceding Company to obtain reserve credit, then Munich Re, U.S. (Life) may establish a cure to permit the Ceding Company to obtain statutory reserve credit for the reinsurance ceded under this Agreement within 120 days; or
(ii) not directly caused by Munich Re, U.S. (Life), including but not limited to: (a) financial duress results in Munich Re, U.S. (Life)’s failure to maintain authorization in any applicable State or the District of Columbia or any other jurisdiction where authorization is required by insurance regulatory authorities in order for the Ceding Company to obtain reserve credit; or (b) a change in law or regulation or a change in the interpretation or application of existing law or regulation by a regulator, then Munich Re, U.S. (Life) may establish a cure to permit the Ceding Company to obtain statutory reserve credit for the reinsurance ceded under this Agreement within 120 days. Munich Re, U.S. (Life) shall not unreasonably refuse to establish a cure under this clause or refuse to establish a cure solely for the purpose of forcing the Ceding Company to recapture. The parties will provide prompt notice of any Reserve Credit Event Munich Re, U.S. (Life) will have the option of determining the method of funding to be utilized to cure; provided that the Ceding Company is satisfied that such method will provide such financial statement credit. Such cure ma...
CREDIT FOR RESERVES. 13 10.1 Reserve Methodology and Reporting...................................13 Retention Limit Changes.........................................................13 Recapture.......................................................................13 General Provision...............................................................14 13.1 Currency............................................................14 13.2 PREMIUM TAX.........................................................14 13.3 Minimum Cession.....................................................14 13.4 Inspection of Records...............................................15 13.5 Forms, Manuals & Issue Rules....................................15 13.6 GOOD FAITH..........................................................15 DAC Tax.........................................................................15 Offset..........................................................................16 Insolvency......................................................................16 16.1 Insolvency of a Party to this Agreement.............................16 16.2 Insolvency of the Ceding Company....................................16 16.3 Insolvency of the Reinsurer.........................................17 Errors and Omissions............................................................17 Dispute Resolution..............................................................18 Arbitration.....................................................................18 Confidentiality.................................................................19
CREDIT FOR RESERVES. It is the intention of Reinsurer and Cedent that Cedent qualify for reinsurance credit for reinsurance ceded under this Agreement. In order to enable Cedent to take credit for the reinsurance ceded under this Agreement, Reinsurer, at its sole cost and expense, shall do all that is necessary to comply with applicable laws and regulations concerning Reinsurer’s authorization or accreditation to reinsure the type of insurance covered under this Agreement. The parties will amend the Agreement as required to ensure that reserve credit is maintained.
CREDIT FOR RESERVES. 12 10.1 Reserve Methodology and Reporting...................................... 12
CREDIT FOR RESERVES
