Definition of Insolvency. A Party to this Agreement will be deemed insolvent when it: a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or b. is adjudicated as bankrupt or insolvent; or c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s domicile.
Appears in 2 contracts
Sources: Automatic Yearly Renewable Term Reinsurance Agreement (Symetra Separate Account Sl), Reinsurance Agreement (Penn Mutual Variable Life Account I)
Definition of Insolvency. A Party to this Agreement will shall be deemed to be insolvent when it:
a. 1. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator liquidator, or statutory successor of its properties or assets; or
b. 2. is adjudicated as bankrupt or insolvent; or
c. 3. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute; or
d. 4. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s domicile.
Appears in 2 contracts
Sources: Reinsurance Agreement (US Alliance Corp), Reinsurance Agreement (US Alliance Corp)
Definition of Insolvency. A Party party to this Agreement will be deemed insolvent when it:
a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or
b. is adjudicated as bankrupt or insolvent; or
c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Partyparty’s domicile.
Appears in 2 contracts
Sources: Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO), Reinsurance Agreement (COLI VUL-4 Series Account of First Great-West Life & Annuity Insurance CO)
Definition of Insolvency. A Party party to this Agreement will be deemed insolvent when itIt:
a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or
b. is Is adjudicated as bankrupt or insolvent; or
c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Partyparty’s domicile.
Appears in 1 contract
Definition of Insolvency. A Party party to this Agreement will shall be deemed to be insolvent when it:
a. 1. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator liquidator, or statutory successor of its properties or assets; or
b. 2. is adjudicated as bankrupt or insolvent; or
c. 3. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for an arrangement with creditors or takes advantage of any bankruptcy, dissolution, liquidation or similar law or statute; or
d. 4. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s party's domicile.
Appears in 1 contract
Sources: Group Life and Accidental Death and Dismemberment Reinsurance Agreement (US Alliance Corp)
Definition of Insolvency. A Party to this Agreement will be deemed insolvent when it:
a. applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets; or
b. is adjudicated as bankrupt or insolvent; or
c. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s 's domicile.
Appears in 1 contract
Sources: Reinsurance Agreement (Symetra Separate Account Sl)
Definition of Insolvency. A Party to this Agreement will shall be deemed insolvent when it:
a. 1. applies for or consents to the appointment of a receiver, rehabilitator, conservator, conservator liquidator or statutory successor of its properties or assets; or
b. 2. is adjudicated as bankrupt or insolvent; or
c. 3. files or consents to the filing of a petition in bankruptcy, seeks reorganization to avoid insolvency or makes formal application for any bankruptcy, dissolution, liquidation or similar law or statute; or
d. 4. becomes the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the Party’s 's domicile.
Appears in 1 contract