Existing Reinsurance Clause Samples
Existing Reinsurance. (a) This Agreement is written on a “net” basis such that (i) amounts payable to the Reinsurer hereunder shall be adjusted to take into account amounts paid by the Ceding Company under Existing Reinsurance Agreements and (ii) amounts due from the Reinsurer hereunder shall be adjusted to take into account amounts recoverable by the Ceding Company under the Existing Reinsurance Agreements, in the case of each of (i) and (ii), in respect of the Covered Insurance Policies. All amounts recoverable by the Ceding Company under the Existing Reinsurance Agreements for periods (or portions of periods) prior to, on or after the Effective Time shall inure to the benefit of the Reinsurer. The Ceding Company shall bear the risk of non-collection of amounts due in respect of the Covered Insurance Policies under the Existing Reinsurance Agreements.
(b) The Ceding Company shall be responsible for administration of the Existing Reinsurance Agreements. However, the Ceding Company shall (i) except with respect to changes resulting from the resolution of disputes contemplated in Section 2.2(d), consult with and obtain prior written consent of the Reinsurer, which consent shall not be unreasonably withheld, conditioned or delayed with respect to Existing Reinsurance Agreements that cover both Covered Insurance Policies and other policies of the Ceding Company that are not reinsured hereunder, (x) for any pricing rate changes or cost of insurance changes under any such Existing Reinsurance Agreements initiated or agreed by Ceding Company or (y) to terminate or replace any Existing Reinsurance Agreements, and (ii) provide prior written notice to the Reinsurer of the initiation or resolution of any disputes with reinsurers thereunder.
(c) To the extent Existing Reinsurance covers only Covered Insurance Policies, the Reinsurer may make recommendations consistent with the rights of the Ceding Company under such agreements and the Ceding Company will use its reasonable best efforts to effect such rights.
(d) The Reinsurer acknowledges that Existing Reinsurance on term and universal life Covered Insurance Policies may be subject to disputes arising out of yearly renewable term reinsurance agreements, including those related to pricing or underwriting practices, and the resolution of such disputes, whether by settlement or arbitral proceeding, shall be binding on the Reinsurer provided that the resolution treats Covered Insurance Policies consistently with business which the Ceding Comp...
Existing Reinsurance. (a) From and after the Effective Time, except as otherwise required to comply with applicable Law, the Ceding Company shall not voluntarily amend, terminate or recapture any Existing Reinsurance Agreement or enter into any new reinsurance agreement that would constitute an Existing Reinsurance Agreement with respect to any of the Reinsured Contracts without the Reinsurer’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.
(b) Any Liabilities ceded under the terms of any Existing Reinsurance Agreement, as shall be terminated or recaptured or as may be reduced or altered to reflect any amendment of such Existing Reinsurance Agreement, shall be ceded hereunder to the Reinsurer without any further action, subject to the receipt by the Reinsurer of any reinsurance recoveries resulting from any such termination or recapture, including any reserve transfer or similar transfer or settlement amount, received by the Ceding Company from the applicable reinsurer and any amounts released to the Ceding Company from funds withheld accounts, modified coinsurance accounts or otherwise. The Reinsurer shall pay the applicable portion of any resulting special transfer or recapture fee incurred by the Ceding Company as provided for under the terms of the recapture or termination agreements or instruments for such Existing Reinsurance Agreements.
Existing Reinsurance. The Stop Loss Reinsurance Agreement shall be in full force and effect. To the Borrower’s knowledge, the reinsurance agreements relating to the MLOA Block set forth on Exhibit B to the Reinsurance Agreement shall be in full force and effect.
Existing Reinsurance. (a) [***].
(b) From and after the Effective Time, except as required to comply with applicable Law, the Ceding Company shall not voluntarily amend, terminate or recapture any Existing Reinsurance Agreement with respect to the Reinsured Contracts or enter into any new reinsurance agreement that would constitute an Existing Reinsurance Agreement with respect to any of the Reinsured Contracts without the Reinsurer’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, where by operation of the terms and conditions of any Existing Reinsurance Agreement, the Ceding Company is required to select one amongst two or more courses of conduct (e.g., accept a reinsurer’s rate increase or recapture the business reinsured), the Reinsurer shall not be permitted to withhold its consent to both courses of conduct (e.g., the Reinsurer must consent to one) and as to the selection of which course of conduct, the Parties shall consult in good faith to reach agreement on a mutually acceptable decision as to the course of conduct to be selected. [***].
(c) For the avoidance of doubt, the Quota Share of all liabilities ceded under the terms of any Existing Reinsurance Agreement, as shall be terminated or recaptured or as may be reduced or altered to reflect any amendment of such Existing Reinsurance Agreement as permitted by Section 2.11(b), shall be ceded automatically hereunder to the Reinsurer without any further action, subject to the receipt by the Reinsurer of the Quota Share of any recapture or termination payments received by the Ceding Company in respect thereof.
(d) Nothing contained in this Section 2.11 shall be construed as prohibiting the Ceding Company from ceding its net retention to its Affiliates as permitted by Section 2.12 of this Agreement.
Existing Reinsurance. Reinsurance under this Agreement shall be subject to Existing Reinsurance associated with the Reinsured Policies. The total reinsurance recoverable under Existing Reinsurance and reinsurance under this Agreement shall not exceed Ceding Company’s total contractual liability on any Reinsured Policy less Ceding Company’s retention under the respective reinsurance agreements.
Existing Reinsurance. Three treaties for Guaranteed Minimum Death Benefits (“GMDB”) on Regatta Platinum and Futurity II became effective in 1999 whereby a portion of the GMDB reserve was ceded on an YRT basis. Reinsurance is modeled according to the treaties with AXA and London Life. To calculate the impact of reinsurance for the stochastic results, the model is run without any of the reinsurance treaties. Then the treaties are layered on in a series of runs, providing reserve impact for each treaty. The individual reinsurance (London Life) for the standard scenario may create a net reserve of $0 for the GMDB risks. The aggregate reinsurance for the AXA treaties are subtracted from the gross standard scenario reserve.