Common use of Facultative Cessions Clause in Contracts

Facultative Cessions. The Ceding Company has the option to, in accordance with the provisions of this Article, facultatively submit to the Reinsurer any Policy that is not obligatorily ceded under the provisions of Article I; provided that the provisions of Sections A through E below are met. In addition, there is no limitation on the Ceding Company's right to submit a case facultatively to other reinsurers. A. the Ceding Company shall have provided to the Reinsurer copies of the original Policy application, medical reports, inspection reports, attending physician statements and any additional information that is pertinent to the insurability of the risk; B. the Ceding Company shall have notified the Reinsurer of any outstanding underwriting requirements at the time of the facultative submission; C. the Reinsurer shall, within 30 days after receipt of all required information, advise the Ceding Company of the portion that it would facultatively accept and the terms and conditions of such acceptance; D. the Ceding Company shall have notified the Reinsurer of its acceptance of the Reinsurer's proposed terms and conditions for the facultative cession within 120 days of receipt or the termination date specified in the Reinsurer's offer unless the Reinsurer in writing expressly extends the period for the Ceding Company's acceptance or rejection; and E. the facultative cessions shall not be limited to those Policies that are listed in Exhibit III.

Facultative Cessions. The Ceding Company has the option to, in accordance with the provisions of this Article, facultatively submit to the Reinsurer any Policy that is not obligatorily ceded under the provisions of Article I; , provided that the provisions of Sections A through E D below are met. In addition, there is no limitation on the Ceding Company's right to submit a case facultatively to other reinsurers. A. the Ceding Company shall have provided to the Reinsurer copies of the original Policy application, . The Ceding Company shall also have provided to the Reinsurer medical reports, inspection reports, attending physician statements in possession of the Ceding Company at the time of submission to the Reinsurer, and any additional other information known to the Ceding Company at time of submission that is pertinent material to the insurability of the riskrisk unless otherwise agreed upon by the Ceding Company and the Reinsurer; B. the Ceding Company shall have notified the Reinsurer of any outstanding underwriting requirements at the time of the facultative submissionsubmission unless otherwise agreed upon by the Ceding Company and the Reinsurer; C. the Reinsurer shall, within 30 days after receipt of all required information, advise the Ceding Company of the portion that it would facultatively accept and the terms and conditions of such acceptance; D. the Ceding Company shall have notified the Reinsurer of its acceptance of the Reinsurer's proposed terms and conditions for the facultative cession within 120 days of receipt receipt, or the termination date specified in the Reinsurer's offer unless the Reinsurer in writing expressly extends the period for the Ceding Company's acceptance or rejection; and E. D. the facultative cessions shall not be limited to those Policies that are listed in Exhibit III.