EXTRACONTRACTUAL DAMAGES. Generally, THE REINSURER will not participate in punitive or compensatory damages, which are awarded against THE COMPANY as a result of an act, omission or course of conduct committed by THE COMPANY in connection with the policies reinsured under this Agreement. THE REINSURER will, however, pay its proportionate share of the statutory penalties awarded against THE COMPANY in connection with claims on the policies reinsured under this Agreement. The parties recognize that circumstances may arise in which equity would require THE REINSURER to share proportionately in certain punitive or compensatory damages. Such circumstances are difficult to define in advance, but generally would be those situations in which THE REINSURER was an active party and either directed, consented to, or ratified the act, omission, or course of conduct of THE COMPANY which ultimately results in the assessment of punitive and/or compensatory damages. In such situations, THE COMPANY and THE REINSURER would share such damages assessed in proportion to each parties’ share of the policy reinsured under this Agreement. For purposes of the provision, the following definitions will apply: “Punitive Damages” are those damages awarded as a penalty, the amounts of which are not governed or fixed by statute; “Statutory Penalties” are those amounts that are awarded as a penalty, but are fixed in amount by statute;
EXTRACONTRACTUAL DAMAGES. Except as explicitly provided in this Paragraph 14(g.), REINSURER will not participate in and shall not be liable to reimburse CEDING COMPANY or others for any amounts in excess of REINSURER's share of the Reinsurance Risk Amount, including extra-contractual damages or liabilities and related expenses and fees. Extra-contractual damages are any damages awarded against CEDING COMPANY, including, for example, those resulting from negligence, reckless or intentional conduct, fraud, oppression, or bad faith committed by CEDING COMPANY in connection with the mortality risk insurance reinsured under this Agreement. For purposes of this agreement, the term "extra-contractual damages" shall include, by way of example and not by limitation:
i. actual and consequential damages;
ii. damages for emotional distress or oppression;
iii. punitive, exemplary or compensatory damages;
iv. statutory damages, fines, or penalties;
v. amounts in excess of the risk reinsured hereunder that CEDING COMPANY pays to settle a dispute or claim;
vi. third-party attorney fees, costs and expenses. REINSURER will reimburse CEDING COMPANY for CEDING COMPANY's extra-contractual damages that result from REINSURER's actions that directly and proximately cause such extra-contractual damages. Any such reimbursement will be in proportion to REINSURER's direct and proximate participation in the actions that lead to the extra-contractual damages.
EXTRACONTRACTUAL DAMAGES. In no event will THE REINSURER participate in extra-contractual damages or penalties that are awarded against THE COMPANY as a result of an act, omission or course of conduct committed by THE COMPANY in connection with the reinsurance or a claim covered under this Agreement. The parties recognize that circumstances may arise in which equity would require THE REINSURER, to the extent permitted by law, to share proportionately in certain assessed damages. Such circumstances are difficult to define in advance, but would generally be those situations in which THE REINSURER was an active party and agreed in writing with the act or course of conduct of THE COMPANY that ultimately resulted in the assessment of damages. If, however, extra-contractual damages are awarded solely or partly as a result of THE COMPANY having contested the claim, and THE REINSURER had agreed to participate in that contest, then THE REINSURER will reimburse THE COMPANY for its share of the portion of the damages awarded as a result of THE COMPANY having contested the claim. The Reinsurer will not be responsible for reimbursing THE COMPANY for the portion of the damages awarded for any other reason. When the damages awarded are shared, THE COMPANY and THE REINSURER would share such damages assessed in equitable proportions.
EXTRACONTRACTUAL DAMAGES. THE REINSURER will participate in statutory, punitive or compensatory damages, paid by THE COMPANY in connection with the policies reinsured under this Agreement. In addition, THE REINSURER will pay its share of statutory penalties paid by THE COMPANY in connection with the policies reinsured under this Agreement. For purposes of this provision, the following definitions will apply: “Punitive Damages” are those damages awarded as a penalty, the amounts of which are not governed or fixed by statute; “Statutory Penalties” are those amounts that are awarded as a penalty, but are fixed in amount by statute;
EXTRACONTRACTUAL DAMAGES. In no event will THE REINSURER participate in punitive or compensatory damages which are awarded against THE COMPANY as a result of an act, omission or course of conduct committed by THE COMPANY in connection with the insurance under this Agreement. THE REINSURER will, however, pay its share of statutory penalties awarded against THE COMPANY in connection with the insurance reinsured under this Agreement. The parties recognize that circumstances may arise in which equity would require THE REINSURER, to the extent permitted by law, to share proportionately in certain assessed damages. Such circumstances are difficult to define in advance, but generally would be those situations in which THE REINSURER was an active party and in writing either directed, consented to, or ratified the act, omission, or course of conduct of THE COMPANY which ultimately results in the assessment of punitive and/or compensatory damages. In such situations, THE COMPANY and THE REINSURER would share such damages assessed in equitable proportions. For purposes of the provision, the following definitions will apply:
EXTRACONTRACTUAL DAMAGES. In no event will THE REINSURER participate in extra-contractual damages or penalties that are awarded against THE COMPANY as a result of an act, omission or course of conduct committed by THE COMPANY in connection with the reinsurance or a claim covered under this Agreement. The parties recognize that circumstances may arise in which equity would require THE REINSURER, to the extent permitted by law, to share proportionately in certain assessed damages. Such circumstances are difficult to define in advance, but would generally be those situations in which THE REINSURER was an active party and agreed in writing with the act or course of conduct of THE COMPANY that ultimately resulted in the assessment of damages. If, however, extra-contractual damages are awarded solely or partly as a result of THE COMPANY having contested the claim, and THE REINSURER had agreed to participate in that contest, then THE REINSURER will reimburse THE COMPANY for its share of the portion of the damages awarded as a result of THE COMPANY having contested the claim. The Reinsurer will not be responsible for reimbursing THE COMPANY for the portion of the damages awarded for any other reason. When the damages awarded are shared, THE COMPANY and THE REINSURER would share such damages assessed in equitable proportions. SRe Treaty #1342 2 In witness of the above, THE COMPANY and THE REINSURER have by their respective officers executed and delivered this Agreement in duplicate on the dates indicated below, with an effective date of April 11, 2005. By: ____________________________ By: ______________________________ Title: ____________________________ Title: ______________________________ Date: ____________________________ Date: ______________________________ By: ____________________________ By: ______________________________ Title: ____________________________ Title: ______________________________ Date: ____________________________ Date: ______________________________
EXTRACONTRACTUAL DAMAGES. 13 18. MISREPRESENTATION, SUICIDE, AND MISSTATEMENT..................................................... 13
EXTRACONTRACTUAL DAMAGES. The Reinsurer will not participate in and shall not be liable to pay the Ceding Company or others for any amounts in excess of the Reinsurer's share of the net amount at risk on the mortality risk reinsured hereunder. Extracontractual damages or liabilities and related expenses and fees are specifically excluded from the reinsurance coverage provided under this Agreement. Extracontractual damages are any damages awarded against the Ceding Company, including, for example, those resulting from negligence, reckless or intentional conduct, fraud, oppression, or bad faith committed by the Ceding Company in connection with the mortality risk insurance reinsured under this Agreement. The excluded extracontractual damages shall include, by way of example and not limitation:
i. Actual and consequential damages; ii. Damages for emotional distress or oppression; iii. Punitive, exemplary or compensatory damages; iv. Statutory damages, fines, or penalties;
v. Amounts in excess of the risk reinsured hereunder that the Ceding Company pays to settle a dispute or claim; vi. Third-party attorney fees, costs and expenses.
EXTRACONTRACTUAL DAMAGES. The Reinsurer will not participate in and shall not be liable to pay the Ceding Company or others for any amounts in excess of the Reinsurer's share of the net amount at risk on the mortality risk reinsured hereunder, including extracontractual damages or liabilities and related expenses and fees. Extracontractual damages are any damages awarded against the Ceding Company, including, for example, those resulting from negligence, reckless or intentional conduct, fraud, oppression, or bad faith committed by the Ceding Company in connection with the mortality risk insurance reinsured under this Agreement. The excluded extracontractual damages shall include, by way of example and not limitation:
i. Actual and consequential damages; ii. Damages for emotional distress or oppression; iii. Punitive exemplary or compensatory damages; iv. Statutory damages, fines, or penalties;
EXTRACONTRACTUAL DAMAGES. In no event will THE REINSURER participate in statutory, punitive or compensatory damages, which are awarded against THE COMPANY as a result of an act, omission or course of conduct committed by THE COMPANY in connection with the reinsurance under this Agreement. The parties recognize that circumstances may arise in which equity would require THE REINSURER, to the extent permitted by law, to share proportionately in certain assessed damages. Such circumstances are difficult to define in advance, but generally would be those situations in which THE REINSURER was an active party and in writing either directed, consented to, or ratified the act, omission, or course of conduct of THE COMPANY with respect to a Contestable Claim which ultimately results in the assessment of statutory, punitive and/or compensatory damages. In such situations, THE COMPANY and THE REINSURER would share such damages assessed in equitable proportions. For purposes of the provision, the following definitions will apply:
